Bank is not ready to issue the Interest Paid statement until possession

POSTED BY Srinj ON July 23, 2014 7:03 pm ONE COMMENT

Hi,

How can I claim Pre EMI Interest deduction (home loan) when the bank is not ready to issue the Interest Paid statement until possession/construction completion which isn’t due for another 2 years? What is IT rule?

One reply on this article “Bank is not ready to issue the Interest Paid statement until possession”

  1. Credexpert says:

    Dear Sir,

    Pre-EMI interest can be claimed as a deduction under Income Tax only after you get possession of the property, over a period of 5 years from the date of possession.

    However, if you have paid interest during the year, the bank is required to give you the interest certificate for the same.

    Regards,
    Credexpert

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today