17 July 2009
You can claim this interest in 5 years period from the year of completion of property/possession year.
For eg. Pre emi interest 1L. Actual possession is in sept 08. Then you can claim the interest from Sept 08 to march 09 full+1/5 of the pre emi interest i.e 20K (1L/5).
17 July 2009
Yes. I agree to Mr. Chetan Soni. This Pre-EMI interest can be claimed over a period of five years from the financial year of completion. This deduction would be in addition to the normal interest deduction that you claim.
17 July 2009
I agree wuth Chetan and rajeshswari, However the entire interest should not exceed Rs 150K as per provsio to section 24. Thus the overall limit for interest deduction can not be more then 150K.
17 July 2009
I agree wuth Chetan and rajeshswari, However the entire interest should not exceed Rs 150K as per provsio to section 24. Thus the overall limit for interest deduction can not be more then 150K.