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What are Pre EMI Interest tax benefits ?

Hello Guys,
 
I had booked flat in Feb 2012, taking possession this month (Jan 2014). Till Now I’ve paid Pre EMI around 5 Lakhs.
 
Below are details(not actual figures 🙂 ):
  • Pre EMI(Interest):
  1. Feb 2012 – Mar 2012 = 20,000
  2. Apr 2012 – MAr 2013 = 200,000
  3. Apr 2013 – Jan 2014 = 280,000
  • EMI(only Interest):
  1. Feb 2014 – Mar 2014 = 40,000
 
So, My question is how much I’ll get tax benefits under section 24,
 
Case 1 : 20 % of Total PEMI + EMI Interest
 
(500,000*20%) + 40,000 = 140,000
 
Total benefits: 140,000
 
OR
 
Case 2 : 20 % of Total PEMI paid till last financial year + Current financial year PEMI + EMI Interest
 
(220,000*20%) + 280,000 + 40,000 = 44,000 + 280,000 + 40,000 = 364,000
 
Total benefits: 150,000 (as 150,000 is max limit for sec 24)
This may be silly question for you guys but I need to clear my doubt. 
 
Thanks and best wishes
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