How do i declare Pre-emi interest on home loan to IT Dept in my ITR ?

POSTED BY ashish ON July 12, 2014 8:09 am COMMENTS (2)

How 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?

2 replies on this article “How do i declare Pre-emi interest on home loan to IT Dept in my ITR ?”

  1. Ashish Garg says:

    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.

  2. ashish says:

    Any help guyz ??

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