POSTED BY July 12, 2014 8:09 am COMMENTS (2)
ONHow do i declare pre-emi interest on home loan to IT Dept [ by which ITR form and in which AY]?
Suppose Pre-EMI Interest upto 31/03/2014 is 200000/- and in the year 2015-16, I will get the possession of flat. And now its time to file IT Return for 2013-2014 and do i need to declare this somewhere (But not claim tax benefit till possession)
Please guide how to proceed and which form to be filled?
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You can claim for pre-EMI interest only after possession and not during the year it was paid.
Also, the total pre-EMI interest paid can be claimed in 5 years (every year only 20%) along with the interest component paid in actual EMIs.
You need to use for ITR -2 and show the interest under income from House Property.
Any help guyz ??