hi all,
one of the employee has taken loan from HDFC he paid Pre-EMI till JUNE 2009
from JULY 2009 onwards he started paying EMI monthly
whether he will get full benefit of EMI from JULY 2009 TO March 2010
1 Replies
ayyappa
(CA Final)
(81 Points)
Replied 17 August 2009
Hi,
Assuming that Loan has taken for purchase of a house, then the PRE-EMI and also EMI is eligible for the part of Interest amount under sec. 24 of the IT act, 1961.
For principal part he can get deduction under sec. 80C. The deduction is allowed on the basis of the certificate issued by the bank .
Interest on housing loan is allowed as deduction on provisional i.e payable for that financial year basis.
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