Hi Every one ,
I need to know how to calculate tax benefit for home who’s possession took more than 5 year. My case is like
I booked one flat in 2006 and taken home loan and it took approx 7 year to get possession. Till now I was paying PRE_EMI This year I got possession. Till now i have not taken any tax benefit on home loan
- In last 7 year I paid approx 7 Lakh ( Till last year March31 2012) as pre-emi interest to bank.
- Current finanace year I paid 90,000 as EMI interest
- Paying society maintenance as 4000 Per month.
- I am not staying in that flat because I am working in Bangalore and flat is in delhi .so right now I am paying EMI ( now my pre-emi converted to emi after procession ) and staying in ranted house.
- i got tenant for delhi house , who will occopy next month at rent of 5000 per month ( current finance year will get 10,000 as rented income )
It would be help if someone guide me how to calculate the tax benefit. If any one want more info to know case please let me know .
thanks in advance
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