Flat possession after 7 year and home loan tax benefit

VIJPS (manager) (95 Points)

06 December 2012  

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

 

  1.  In last 7 year I paid approx 7 Lakh ( Till last year  March31 2012) as pre-emi interest to bank.     
  2.  Current finanace year I paid 90,000 as  EMI interest  
  3. Paying society maintenance  as 4000 Per month.
  4. 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.
  5. 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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