15 July 2022
My son availed a home loan of Rs50.30 lacs during 2021-22.The firsy disbursement was made on 31.03.2021. Construction was completed during Feb 2022 and EMI started from April 2022.
Pre EMI interest of Rs1.90 lacs was debited to the home loan account during the period 2021-22 and the amounts are paid to the debit of his account every month.
Whether the entire amount can be considered as eligible deducyion under section 24 of IT ACT.Pl clarify
15 July 2022
As EMI started from April 2022, he is eligible to claim per-construction interest of Rs. 1.90 lakhs in five equal annul installment from 2022-23.
CAclubindia
