Interest on housing loan

Dear Pankaj,

The housing loan interest for the finnancial year 2011-12 is Rs.1,70,000/- The Total Pre EMI interest in the previous financial years are Rs.90,000/-

The house was handed over in the financial year 2011-12.

How much benefit can be taken-

In case of Self ocupied property? In case of let out property? In case of partially vacant and partially Self ocupied property?


Srimanta Kumar Mishra

asked Jun 28 '12 at 16:37 by srimanta 1245

  1. For self occupied property - Max rs 1.5L
  2. For let out property: You need to use Income from Hse & Prop format given in ITR2 where in you fill Rental income, muni taxes, Int on Loan etc. & calculate exact Income or Loss from Hse
  3. There is no such provision like partly self occuiped & partly letout in IT
  4. If total Pre EMI interest is Rs 90,000 then it can be claimed in 5 Financial yrs starting from year in which you got possesion/registration. It will be claimed u/s 80C within overall limit of Rs 1L. Rs 90000 in 5 parts will be 90000/5 = 18000 pa

answered Jun 29 '12 at 11:44 by sanjay35 2261


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Asked: Jun 28 '12 at 16:37

Seen: 2,108 times

Last updated: Jul 03 '12 at 00:23