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How are Pre-EMI payments eligible for income ta...

How are Pre-EMI payments eligible for income tax deductions?

How are Pre-EMI payments eligible for income tax deductions?


0
Chiranjibi Chapagain Aug. 02, 2018

Yes, you can claim Tax deduction of Interest portion of Pre- EMI of loan taken for Construction/Renovation/Alteration of house property.


But you can claim such Tax benefit in the year when construction is completed/ possession is obtained in 5 equal instalments staring from the year in which construction is completed or possession of property obtained.


You can claim benefit of interest paid under the head income from house property u/s 24(b).


In case of Self occupied property you can claim maximum interest upto 2 lacs ( F.Y 2017–18).


In case of Let out property No maximum limit is there but loss upto 2 lacs is allowed balance need to be carry forward to next year.

How are Pre-EMI payments eligible for income tax deductions?


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