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):
- Feb 2012 – Mar 2012 = 20,000
- Apr 2012 – MAr 2013 = 200,000
- Apr 2013 – Jan 2014 = 280,000
- EMI(only Interest):
- 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