Pre EMI Interest deduction on Home loan

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Pre EMI Interest deduction on Home loan

we can’t claim interest paid on Pre EMI for Home loan as deduction for current year(eg 2017-18) for which interest has been paid(eg 2017-18)?

Asked By: Anonymous 2 replies 0 helpful answers Last Updated: 5 months, 3 weeks ago
  • Anonymous

    we can’t claim interest paid on Pre EMI for Home loan as deduction for current year(eg 2017-18) for which interest has been paid(eg 2017-18)?

  • Profile photo of Neha JoshiNeha Joshi
    Moderator

    Pre EMI interest can be claimed only once you receive the possession of the home. The possession letter of the home needs to be received from the builder. You can claim this interest in 5 equal annual instalments once we get the possession of the home over a period of 5 years.

  • Profile photo of Prashant MishraPrashant Mishra
    Participant

    I took home loan in 2014. The flat was constructed in december 2017. oc received in dec 2017. took possession in april 2018. Plz tell how to avail tax benifit on interest.

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