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