I am Dr.Gopinath. I REQUIRE some clarifications regarding a peculiar situation I am in.
I have two questions/clarification required on Tax question
1. I registered a property in May 2013 for and took a loan of Rs 38 lakhs. Since the property was under construction (in its final stage to be completed in 6-8 months) the pre-emi for loan began from June 2013 till Dec 2013. After that from Jan 2014 my EMI began as the construction was close to completion. I short my pre-EMI and EMI are with in one financial year only 2013-2014. The EMI after Jan to Mar 2014 comes around 60 thousand and my pre EMI comes to around 1.8 lakhs. Can I claim both pre EMI and EMI in one financial year is my question?
2.Second question is since I would be paying around 3 lakhs as interest in 2014-15 for home loan well above the 1.5lakhs limit of IT exemption can I claim my pre EMi installment of RS.36 thousand(20% of 1.8 lakhs) over and above the cap of RS.1.5lakhs of IT exemption in in 2014-15? I will be at a loss as my EMI Rs.3 lakhs crosses the Rs1.5 lakh limit and I also loose on the pre- emi is being split into 5 equal portions (20% each year) Kindly comment on this.
Awaiting your reply eagerly as I have to submit for claiming any tax exemptions possible.