Dear Pankaj,
I am owning 2BHK in which i am living. I am aware that before possession interest should be claimed in five equal part for five year after taking possession. Amount of interest paid and claimed is as given below.
Description - Year - Interest Paid - Tax Benefit
Before Possession - 2009-10 - 20000 - Nil
Before Possession - 2010-11 - 110000 - Nil
After Possession - 2011-12 - 192000 - 150000
After Possession - 2012-13 - 179000 - 150000
After Possession - 2013-14 - 165000 - 150000
Since interest paid by me since year 2011-14 was above 1.5 Lakhs, hence i could not claim the before possession interest since last three year. Now Limit is 2 lakhs and my interest paid during this financial year is 125000 only. in this scenario can i claim before possession interest for next two year?? If yes the how much?? Is it (20000 + 110000)/5 = 26000 + (this year interest 125000) ??? Or is it (20000 + 110000)/2 = 65000 + (this year interest 125000) where 2 is the number of year left???
Regards Jeevan
