Can pre EMI interest be claimed over and above 1.5 L ?

POSTED BY Dharmesh ON February 5, 2014 3:55 pm COMMENTS (3)

I took home loan in 2012 and now I got the possession in 2013. I have paid some Pre EMI interest. I have now also started paying the interest which is more than 1.5 L. Can i claim Pre EMI interest which is over and above this income tax limit of 1.5 L

3 replies on this article “Can pre EMI interest be claimed over and above 1.5 L ?”

  1. ashalanshu says:

    Dear Dharmesh, the house in question is on rent or self occupied?

    thanks

    Ashal

  2. akgc2 says:

    Yes you can claim the Pre EMI Interest in next 5 years after the possession. Entire Pre EMI interest gets divided by 5 and each 1/5th portion of it can be claimed for rebate in income tax which is over and above the limit of Rs 1.5 Lakh.

    1. Ashish Garg says:

      Hi,

      If I am not wrong, the limit is only 1.5 lakh inclusive of pre-EMI or EMI interest payment subject to the house being self occupied.

      In case the house in question is on rent and is generating income for you, then entire interest paid in FY + 20% pre-EMI (for 5 years) paid can be claimed.

      Ashish Garg

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