I had purchased flat under construction in 2018. I have been given possession of flat on 15 Jan, 2020 by the builder. For purchase of flat i took loan from HDFC and following interest certificates are issued
Pre EMI Interest Rs 183163
Interest 58254.00 Pre EMI Interest Rs 297003.00 Total Interest 355257.00
I started my EMI after taking possession on 15 January, 2020
what interest rebate i am allowed for loan taken for house in the current year. There is a doubt if PRE EMI interest of current year ( ie year in which i had taken possession) is allowed for full amount 2,97,003.00 (PRE EMI INterest) or not.
Thanks & Regards
The interest portion of the EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24. From Assessment Year 2018-19 onwards, the maximum deduction for interest paid on Self Occupied house property is Rs 2 Lakh.
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