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?

Regards,

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

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Last updated: Jul 03 '12 at 00:23