Hi,
Suppose I start the construction of my house in June 2012 and complete it in November 2012.
I avail a home loan and get the first disbursement by July 2012. Since then, I start paying pre-emi (around 80000 totally) till November.
From December 1, I start paying my EMI.
From the bank’s statement, I can know the principal and the interest component of my EMI.
But, the pre-emis can be considered only till the Financial year before the Year of completion of the construction (i.e., 2011-2012 : when I have not even started the construction and did not get loan) and then distribute equally into 5 parts in future years.
Since all these things happen in same financial year, please guide me how to claim the pre-emis.
Can this amount of 80000 be added to interest part of this year, along with the interest component of the EMIs?