INTEREST ON PRE CONSTRUCTION PERIOD-HOME LOAN-INCOME TAX

In some case money  may be borrowed (home loan) prior to the acquisition or construction of the property. In such a case, what is tax treatment of interest paid/payable before the final completion of construction or acquisition of the property(pre-construction period) under Income Tax Act/Rules.
"Pre-EMI" and "Pre-construction period" is also used in Banking terms also, but question is here that whether meaning of  Pre-construction period term is same as under Banking Industry and Income tax Act/rules  ? 
Lets Discuss.
  • [message]
    • Meaning Pre EMI-Interest And Pre-Construction Period interest
Normally we read a term in our Bank loan statement " pre EMI interest" but please note that the pre EMI interest term given in Loan Statement may not have the  same meaning as pre construction period as per income tax act. We learn the meaning of these term by a Example.
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Example 1:  Take a Situation 
  • Loan has been taken on Jan ,2014 and  
  • EMI starts on Jan-2015.
  • House is completed on 31.01.2017, 
Pre -EMI Period as per Banking terms means :Period from start of loan  and  up to the start of payment of EMI.In above example ,pre EMI period means JAN,2014 to Jan 2015 is treated as PRE-EMI Period by the bank.

Pre-Construction Period as per Banking terms Means :Period from start of loan  and  up to the date of completion of house. In above example , pre EMI period means JAN,2014 to Jan 2017 is treated as PRE-construction Period by the bank.

Pre construction period as per Income Tax means: Period starts from disbursement of loan to the end of Financial  year ,immediate proceeding to the year in which house is completed.In above case pre -construction period means period starts from Jan ,2014 to 31.03.2016.

In above example ,Suppose House is completed on  31.03.2017 even then also the pre construction period under income tax is considered From Jan 2014 to 31.03.2016.

  • [message]
    • Relevant Instruction :Explanation 01 to Section 24(b)of the Income Tax Act
    • Explanation.Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years
So Pre-construction/Pre EMI term used  in Bank statement or loan certificate may  not have similar meaning as defined under Income Tax Act.Now we have Learnt the meaning of pre-construction period.
  • [message]
    • What is the Tax treatment of Pre-construction period Interest ?
Pre construction period interest will be divided in five equal installments and allowed for five successive financial years starting with the year in which the acquisition or construction is completed. This deduction is not allowed if the loan is utilized for repairs, renewal or reconstruction.

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Example-2:- The assessee took a loan of Rs. 9,00,000/- in April, 2014 from a Bank for construction of a house on a piece of land which he owns at Meerut. The loan carried interest @ 10% p.a. The construction is completed in April 2016 and the house is given on rent from May 2016. Meanwhile he has already incurred liability of interest of Rs. 1,80,000/- for F.Y. 2014-15 and 2015-16. Because of the above provision, the assessee can claim a deduction in respect of this interest of Rs. 180,000/- (Over and above the yearly interest) in five equal instalments of Rs. 36,000/- each starting from the assessment year 2017-18.

Example 3Person has taken a Loan of 12,00,000 in July 2014 @ 10% and house is completed in Jan , 2017. Year wise Interest is 

  • FY 2014-15=80000 (July to March) ,
  • FY 2015-16=100000 ,
  • FY 2016-17 =90000 

Define Pre construction period & Interest . How much amount will be allowed u/s 24(b) in Fy 2016-17 Ay 2016-17?

In above example , pre construction period is July 2014 to 31.03.2016(though house is completed in Jan-2017) and pre construction period Interest is Rs 180000 (80000+100000).Interest of the pre construction period is divided in 5 equal installments of Rs 36000 (180000/5) and deduction will be allowed from Ay 2017-18 to Ay 2021-22 .

So in Ay 2017-18 total interest allowed will be Rs 90000+36000 (Ist instalment of pre construction period)=126000

Balance four Installments of Rs 36000 will also be allowed Ay 2018-19,2019-20,2020-21.2021-22  as pre construction period interest in addition to normal interest due in respective years.

COMMENTS

BLOGGER: 97
  1. That means IF EMI payment starts before possession then pre emi interest is a part of pre construction interest. For section 24 will the whole of the interest before possession be eligible without considering whether it is pre emi or pre construction.
    Secondly what is the provision for principal paid before possession. is it eligible for deduction under section 80c

    thanks
    dr kishan

    ReplyDelete
    Replies
    1. The pre construction period is up to end of the preceding year to the year in which house is completed/possession is taken and whole of the interest of this period is available for deduction in next five year equally including year of completion /possession.

      However 80C benefit is not available till completion

      Delete
  2. what will happen of pre-emi interest in case if house is sold before possession?

    ReplyDelete
  3. How do I claim the pre possession EMI?
    I understand interest upto 1.5L can be claimed post possession. So can the pre possession EMI be claimed even if the post possession interest is 1.5L. Is pre possession EMI over and above the post possession 1.5L limit? If yes, how to claim in IT returns?

    ReplyDelete
    Replies
    1. 1.5 Lakh is overall limit for both post and pre construction period, You have to add both the interest and fill in the return against interest on house loan

      Delete
    2. Let me make it slightly more interesting. Lets assume we are talking about second property here. On second propoerty, we can claim interest without limit. Let assume that current year interest is Rs. 2 Lac and pre possession interest amount is 5 Lac. So total interest rebate claimable for current financial year would be Rs 2Lac + 1 lac (20% of Pre-possession interest)? lets keep this discussion to interest part only and not bring in rental value etc.

      Delete
    3. The rule is not about second property but for rented house . Yes if house is rented then 3 lakh interest is deductible from rental value

      Delete
  4. I have taken Home Loan FROM SBI. but house constructed on my wife name including flat and whole.. am just co applicant for home loan and 100% loan re payment is done by me.. whether shall i get Home loan tax benefit.. am working under Govt. of India...?

    ReplyDelete
    Replies
    1. If you have contributed all the money then deduction is available to you even house is in your wife name.But generally DDO can not allow such deduction so claim it while filing your return.

      read more here specially qus no 3 in the link
      http://www.simpletaxindia.net/2012/07/house-property-income-tax-return-filing.html

      Delete
  5. My Home loan of Rs.20,40,000/- has been approved two weeks back. The apartment is under construction. Last week, sale deed was made. Our bank released Rs.12,00,000/-. I paid pre-emi for this. The balance loan amount will be paid in 3 instalments. The apartment is scheduled to be completed by Feb 2013. How I have to exempt these under Sec 80C and Sec 24. Please help

    ReplyDelete
    Replies
    1. If house is completed before 31.03.2013 then you can claim

      1)Deduction u/s 80C for loan repayment amount.
      2) Stamp duty and registration charges u/s 80C
      3. Interest accrued on loan can be claimed u/s 24 (maximum 1,50,000 if house is self occupied)

      Delete
  6. Thanks for your immediate reply. Just to confirm on your point no. 3. When you say 'Interest accrued' hope you mean both pre-emi (before possession) and emi (after possession) can be claim in the fy 12-13. Is my understanding correct?

    Thanks again for the help.

    ReplyDelete
    Replies
    1. No need to break up pre/post emi there is no such concept in Income Tax ,This is banking concept only. In income tax concept is pre construction and post construction.

      Pre construction period is interest up to the end of immediately preceding year to year in which construction is completed .

      In you case if house is completed by 31.03.2013 then no pre construction interest arises .

      So Just take a statement from bank about interest /principal and claim it and forget about tax terminology

      Delete
  7. Oh! Wonderful explanation! I appreciate!

    Thanks for all the answers.

    ReplyDelete
  8. What will be the fate of Pre-construction period interest, if the house property has been sold before the completion of 5 years.
    Can the balance installments be claimed in the year in which the property is sold.

    If yes, please provide the supportive citation.

    ReplyDelete
    Replies
    1. If house is sold before five years then no claim shall be available as there will no house property

      Delete
  9. Good points. Can you also throw light if land is bought and constrcution done. Will I get interest exemption for land purchase also?

    ReplyDelete
    Replies
    1. yes , if loan is taken both for land and construction,interest on both parts is allowed u/s 24

      Delete
  10. I have taken house building loan for 10 years and total pre construction interest is around 2 lacs. Therefore I can claim exemption Rs. 40000 per year as pre construction interest. Now if I will add normal interest and pre construction interest for next year, it is exceeding 1.5 lac. I will loose benefit Rs. 20000. Is there any way to get benefit Rs. 20000 also as interest on house building loan?
    Thanks
    Nityananda

    ReplyDelete
  11. I have purchased Flat in UnderConstruction property on 1st Mar 2012 and Stamp duty paid on 1st Mar 2012, and i am paying full EMI from may 2012 and Builder is Saying possesion will be given on March 2013 and My Bank has not disursed full amount.as per construction phase bank paid 95% loan...Once Possesion is Done bank will disburse 100% amount..

    Can you tell me on which of the part i can avail tax benefits in 2012-2013 fy .
    1.Stamp duty--as prinicipal amount paid on March 2012
    2.Principal and interest Amount.

    Thanks,
    Sandesh
    2.Principal amount as EM

    ReplyDelete
    Replies
    1. If house is complete by 31.03.2013 (in Fy 2012-13) itself .Then you can claim
      1)Interest accrued on you interest laon u/s 24 as minus income from house property subject to maxi 1.5 lakh
      2. you can claim principal loan repayment and stamp duty and registration charges u/s 80C subject to maximum overall limit of 1 lakh

      Delete
  12. I have the following scenario
    1. I purchased the second house in Feb 2010.
    2. The construction is completed , and I took possession in Dec 2012
    3. I paid RS 1,80,000 as pre-EMI interest till Feb 2012 , and from March 2012 , EMI payments started.
    4. EMI interest payment is to the tune of Rs 1,60,000.
    5. I have let the second house on rent.
    Questions -
    1. What would be the pre-EMI deduction for my return 2011-12 - assuming I am allowed to file a corrected return ?
    2. What would be the pre-EMI deduction for my return 2012-13 ?
    3. Is it mandatory to claim PRE-EMI deduction in 5 equal installments ? is it possible to claim deduction in say 2 installments ?

    ReplyDelete
  13. AXIS bank offers to repay full EMI of the sanctioned loan even during the 3 years construction period of my flat. I that case, can i claim interest loss u/s 24(b) immediately from the starting FY itself?

    ReplyDelete
    Replies
    1. No ,you can claim interest only after completion of house as given above in the post

      Delete
  14. when pre-construction period interest is Rs.2,05,000/- for F/y 2010-2011 and flat occupied on 15.12.2011, then how much is eligible for deduction as 1/5th amount interest for pre-construction period in addition to current years interest amounting Rs.89,456/- for F/y 2012-2013?

    ReplyDelete
    Replies
    1. yes , total interest you can claim is

      current year interest =89456/-
      1/5 of pre construction interest =205000/5=41000
      total 89456+41000=130456

      Delete
  15. I just got home loan approved for a villa property. It's a composite construction linked plan. The first amount has been disbursed as 10 lakhs. The possession will only be by end of this year which is when the emi will start. However I need to pay the interest untill the posession as per bank. Could you confirm how is this interest calculated?

    ReplyDelete
  16. Can you please specify when does the pre-construction phase start? Is it the date of sanction or date of first disbursement? For example, loan is sanctioned in Feb'13 but first disbursement is done in Apr'13.

    There is a notion of the interest eligibility u/s 24 restricted to Rs 30000 if the house is not completed within 3 years from the time of taking the loan. Is this correct?

    ReplyDelete
    Replies
    1. Three years is to be taken from end of the year in which disbursement of loan taken place. .If loan is disbursed on Apr,13 then 3 year ends on 31.03.2017 (three year from end of disbursement year)
      http://www.simpletaxindia.net/2010/02/interest-on-house-loan-self-occupied.html

      Delete
    2. Dear Shri Raja Babu Please clarify if the loan is disbursed in two instalments ( falling in consecutive, different financial years) how to calculate the period of three years. Will it be from the disbursal of first instalment or from the second/ last instalment?

      Delete
    3. Treat each disbursement as a separate loan and calculate period accordingly.
      Loan amount which have more than 3 year upper limit is 30000/- and within 3 years 200000/-

      Delete
  17. Construction should be completed within 3 years from FY of loan disbursement for claiming tax benefit of Rs 1.5Lakhs on interest paid on Home loan. For this purpose what is treated as date of loan disbursement; date of disbursement of 1st instalment by bank or date of disbursement of last instalment by bank or date of sanction of loan by bank or any other date.

    please reply urgently

    ReplyDelete
    Replies
    1. You can treat each disbursement as separate loan for this purpose and can check it eligibility

      Delete
  18. The pre-emi is calculated on the loan amount disbursed. Could you tell how the interest is to be paid? Suppose total 5 lac is disbursed, then the interest on that amt is to be paid 1 time or it is divided into equally every month until next disbursement is due ?

    ReplyDelete
  19. If pre-construction Interest amount is 550000 and post construction interest for 12-13 is 90000, then total amount will be deducted is 90000+(1/5th of 550000) = 90000+110000 = 200000. Is that correct if the house is self occupied? or the ceiling of (Pre+Post) construction interest is 150000?

    ReplyDelete
    Replies
    1. ceiling of 1,50,000 still applies.

      trick for you.

      Give a portion of house on rent and claim pro rata interest on rented income without any upper limit.

      Delete
  20. Hi,
    I have one question.
    My home loan started on Aug’11. Means full EMI started from Aug’11. I got possession on 23 March 2013. So my pre-construction period is Aug’11 to 31March 2012. I hope i am correct here. So i can claim exemption on 1/5th of interest paid during this tenure in my income tax return this year?
    Since i got possession in march’13 (within F.Y. 2012-13), can i claim exemption of 1,50,000/- this year (in returns for F.Y.2012-13) ? I will not claim exemption on pre-construction interest then.

    Thanks and Regards,
    Anirudha

    ReplyDelete
    Replies
    1. Your understanding on pre construction period is correct .You can claim deduction of 1/5 interest from ay 2013-14 to ay 17-18.

      Further overall ceiling of 150000 applies to sum of pre construction interest and post construction interest

      Tip:No ceiling applicable if house is shown/given on rent

      Delete
    2. Thanks for the reply.

      I am still not clear about my second question. Since i got possession on 23 march'13 (within F.Y. 2012-13), can i claim exemption on entire 150000/- while filling returns for F.Y. 2012-13? This F.Y. 2012-13, i have paid interest more than 150000.

      I am asking this because pre-construction period is only till 31 March'12 so not sure about the interest from 1 April'13 till 28 Feb'13?

      Thanks and Regards,
      Anirudha

      Delete
  21. having a home loan, house completed construction in may 2013. from june onwards given this house on rent.
    Whether the interest charged by bank in F. Y. 2012-13 is eligible for preconstruction int in A.Y. 2014-15

    ReplyDelete
    Replies
    1. yes , 20% of interest up to 31.03.2013 will be available in ay 14-15 as pre construction interest .
      and 20% each in next coming assessment years

      Delete
    2. Thanks..
      construction completed in may 2013.
      for pre const interest eligble from ay 2014-15 or ay 2015-16.

      Delete
    3. first 20 % deduction available in year of completion itself.so you will get benefit in ay 2014-15

      Delete
  22. I have interest for FY 2011-12 as 90,000/-, and interest for FY 2012-13 as 2,13000/- Got completion of house on 30th March 2013. How much can I claim as loss? only Rs.150000? including 18000/-(1/5 of 90000) or 2,13000/- + 18000/- with showing 0 months rental income received as Rs.0. (Completion on 30th March is not my fault , I would have given it on rent if house would have Completed in Jan 2013 and considered 3 months rent as income.(Can I consider it as deemed to be lend for 0 months instead of considering deemed to be self occupied?)

    ReplyDelete
    Replies
    1. if house is self occupied then maximum interest you can claim is 150000.However if you treat it let out then you can claim without any limit

      Delete
  23. I have a one house and I got the possession in May 2013 but I coudn't avail the Pre interst benefit in the last two years.
    Can I claimed the last two years Pre Interest in the current years????

    ReplyDelete
    Replies
    1. You can claim interest up to 31.03.2013 ,in five equal instalments from financial year 2013-14 .Further this year full interest can also be claimed in current year

      Delete
  24. Took possession of a home in June 2013 and it is being rented out. For AY 14-15 the interest component is more than 1.5 Lakh. Additionally can I claim the one fifth of the pre EMI interest paid from Oct 2010. Even if am eligible my company asks me to claim it when I file and not via them. Can the company not allow employees to deduct such component. If the company's policy doesn't allow can this be claimed during filing returns.

    ReplyDelete
    Replies
    1. Yes you can claim deduction for Interest on house loan interest 2013-14 plus 20 % of interest from 10/10 to 3/13 from rented income.Further net house property loss can also be adjusted from salary income while finalising the tds from salary by employer /ddo.This is as per section 192 of the income tax .Further you can refer para 9 of current year tds on salary circular 8/2013 available here
      http://www.simpletaxindia.net/2013/10/how-to-calculate-tds-on-salary-fy-2013_12.html

      Moreover ,if employer doesn't allow then you can claim it while filing return ,if problem in that also.

      Delete
    2. Further if house is let out then no limit for interest amount , 150000 limit is for self occupied house

      Delete
    3. Admin, Thanks for the quick turnaround. I gave it ssome time and checked now - was astonished to note that the query had been responded within an hour. Thanks for your help

      Delete
  25. Apartment booked in August 2008

    Bank Loan disbursement:
    First in October 2008
    Second in March 2008

    Possession offered: March 2012
    Possession taken: February 2013

    Property is let-out since March 2013

    Am I eligible for Pre-EMI interest deduction for five years?

    ReplyDelete
    Replies
    1. Yes , you should divide interest in 2 parts .
      Part One (pre const.)=Start to 31.03.2012
      Part Three (post comple)= wef 01.04.12

      In fy 2012-13 claim interest of Fy 12-13 Plus 1/5 of part one (pre const.) interest .

      In fy 2013-14 claim interest of Fy 13-14 Plus 1/5 of part one (pre const.) interest .

      further claim 20 % of pre const interest in next three years 20% each year ie in fy 2014-15,2015-16 & 2016-17

      Delete
    2. Thank you for the prompt response. So there is no condition that the construction has to be completed in three years from the date of loan sanction for pre-emi calculation?

      Also, what if I sell the property in 2014. How will that affect on the interest calculated for the previous years. Can I continue to claim the pre-emi even after selling the property for the same financial year?

      Delete
    3. The condition is there ,but that is applicable only if house is self occupied.
      If you sell property then you can not claim house loan interest Further if it is sold before five years after completion then deduction claimed in 80c also to be reversed

      Delete
  26. I have taken a home loan of Rs19lakhs on feb 2014 out of 19lakhs only 11.25lakhs has been disbursed by the bank.The property is under construction but i started my normal emi from april 2014 for the disbursed amount. My builder told the property handover will be by Aug2015. Since i started my normal emi i will be eligible for the tax exemption for the interest and the principal paid. Or otherwise i have to wait till the property completion for my tax exemption i.e i can exempt the tax from FY2015 onwards only .Kindly clarify if so the case whether i will be eligible under 80C exemption for my principal amount before the property possession

    ReplyDelete
    Replies
    1. You can claim deduction of interest or principal only after completion of house. read explanation here
      http://www.simpletaxindia.net/2013/03/house-loan-interest-repayment-deduction.html

      Delete
  27. We got a home loan sanctioned in 2010-11, the first disbursement happened in 2011-12, the last disbursement took place in 2014-15, and construction of house was completed in Jan 2015. As the construction happened after 3 years from sanctioning of loan, can rebate on income tax be claimed upto limit of 1.5 lakhs during 2014-15, or is it restricted to Rs.30,000. Similarly for interest accrued prior to construction, is the rebate limit Rs.1.5 lakhs or 30,000.00. The pertinent question is whether the 3 years period to be counted from the date of sanctioning, 1st disbursal or last disbursal.

    Thanks in advance.

    ReplyDelete
    Replies
    1. As per section 24 , deduction of 150000 is available if house is completed with in three years from the end of financial year in which capital was borrowed.

      In your case you have borrowed capital in 2011-12 (first disbursement) , and as per above explanation three years end on 31.03.2015,as your house is completed in Jan ,2015 ,so you are eligible for 1.5 lakh deduction.

      Further ,the above limit are applicable only if house is self occupied and not applicable if house is given on rent.

      relevant clause reproduced hereunder

      Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed 26[within three years from the end of the financial year in which capital was borrowed], the amount of deduction under this clause shall not exceed 26a[one lakh fifty thousand rupees].

      Delete
  28. I'm sorry i made a mistake in the above query. The first disbursement of Rs.90,000 happened in 2010-11 (17.03.2011). The remaining loan was disbursed in installments during 2011-12, 2012-13, 2013-14 and 2014-15. In this case can i leave out the interest on amount disbursed in 2010-11 and claim rebate on interest paid on the amount disbursed during subsequent years,

    Thanks.

    ReplyDelete
    Replies
    1. yes , you are right .Further if you give house on rent then you can deduct full interest amount without any limit

      Delete
  29. I booked my house in Apr 2011 and started the loan in 2011-12. The loan disbursal started happening from Sep 2011 basis the construction progress. The possession of the house would be received in the financial year 2015-16. Which of the below two options is correct?
    a) For the interest paid in the financial years of 2011-12, 12-13, 13-14 and 14-15 the amount of interest pertaining to the loan disbursed in the financial year 2011-12 should not be considered for claiming deduction under 24(b).
    b) The interest paid in financial year 2011-12 cannot be claimed under 24(b). The total interest paid in 2012-13, 2013-14 and 2014-15 can be claimed under 24(b).

    ReplyDelete
  30. Hi, If Person has two properties, one self occupied and one deemed as let out, can he claim pre construction interest for tax deduction on both properties. If he has not claimed pre-construction interest in previous year, can he combine that amount in current year? i.e. last year 20% + current year 20%.

    Thanks,

    ReplyDelete
    Replies
    1. Yes , he can claim pre construction interest for both the property.In this case first calculate income from house property for self occupied house and deemed to be let out house separately , then income from both the house is to be clubbed .

      For self occupied house total interest upper limit is 200000(wef ay 15-16 and 150000 earlier)

      However no upper limit for interest for let out/deemed let out house.

      Further you can claim only 20 % per year ,if you have not claim 20% earlier then you revise your return for earlier year but interest can not be clubbed in current year.

      Delete
  31. sir, I have taken home loan on 9 sept 2013 for constuction of my house on my land.my house got completed in may 2014.I am first time home loan borrower.home loan interest in FY 2013-14 was Rs.70350 and during FY2014-15 was Rs.199222.I had not mentioned home loan interest in AY2014-15.Can I claim both years home loan interest in AY 2015-16.As the total amount is above Rs.200000 the limit, can I claim Rs.70350(interest of FY 2013-14)under section 80EE.It is my first time deduction under section 24 and 80EE. please reply soon.

    ReplyDelete
  32. Is there a limit to how many years of pre- possession interest can be offset against rental income. For e.g if the loan was taken in May 2007 and possession offered in May2014 and rented out in Sep 14, can interest from May 2007- March 2014 ?

    ReplyDelete
    Replies
    1. In case of rented house then there is no limit for pre construction period ,you can claim interest for 7 year (up to 3/14) in five equal installments starting from my 2014_15

      Delete
  33. hi. i've a doubt. say, that u have taken a loan of 750000INR on 1/4/2013 for construction of a 3 storey house, being a SOP, LOP, and for business. the construction is completed on 1/4/2014. what will be the pre construction interest for SOP and LOP according to the question?

    ReplyDelete
    Replies
    1. Your query is not clear and what is SOP and LOP ....However in simple words pre construction period in given question is 01.04.13 to 31.03.2014

      Delete
  34. My Situation:
    We got the Handover from the Builder on 15th March 2014. The registration happened in Jun 2014 and we let out the property.

    Since this was on the boundary, I had not considered it and also that it was not let out yet.

    So for the claim of the 20% of pre-construction Interest - should I have claimed for the financial year 2013-14?
    or can I calim for this 20% for next 5 years ? from 2014-15 to 2018-19 ?

    ReplyDelete
    Replies
    1. As the house is completed on 15.3.2014 ,you can claim interest for complete Fy 13-14 in your return for fy 13-14. However if you have not done so and assume your house to be completed on June-2014 then interest up to 31.03.2014 can be claimed in fy 14-15 to 18-19 in five equal installments

      Delete
  35. Really good explanation, can you please elaborate what happens if pre-construction interest is not claimed in the initial 2 years and say a total of 60% is claimed in the third year. Or is the rule such that you can only claim only 20% of total interest in the third year as well and you loose out on the amount that you didnt claim.

    ReplyDelete
  36. Really good explanation, can you please elaborate what happens if pre-construction interest is not claimed in the initial 2 years and say a total of 60% is claimed in the third year. Or is the rule such that you can only claim only 20% of total interest in the third year as well and you loose out on the amount that you didnt claim.

    ReplyDelete
    Replies
    1. If pre-construction interest is not claimed in any year then it can not be claimed in next years .so you can claim only 20 % in respective year.

      Delete
  37. Thanks for the clarification Raja. I have a couple more question not related to pre-construction interest but related to loan taken from a family member for house renovation or for new home purchase but not sure if i can ask here...do you have any other blog for that..

    ReplyDelete
    Replies
    1. Yes , go ahead.You can ask any where on this site .

      or try here
      http://www.simpletaxindia.net/2010/02/interest-on-house-loan-income-tax-act.html

      Delete
  38. Dear Sir,

    I had booked an u/c flat in April 2015. The Builder had offered a No Pre-emi scheme till possession which means all the pre-emi interest on behalf of us would be paid to the bank who is giving us the loan. We have not received any pre-emi receipts which were promised to us so far. Instead when we spoke to the Builders CRM team they told us one disbursement of the loan made by bank is towards pre-emi which has been adjusted. Could you clarify what that means? Also what should I mention in an email and whom should I address it to gather info on payments made by Builder?

    ReplyDelete
  39. Dear Sir,

    I had booked an u/c flat in April 2015. The Builder had offered a No Pre-emi scheme till possession which means all the pre-emi interest on behalf of us would be paid to the bank who is giving us the loan. We have not received any pre-emi receipts which were promised to us so far. Instead when we spoke to the Builders CRM team they told us one disbursement of the loan made by bank is towards pre-emi which has been adjusted. Could you clarify what that means? Also what should I mention in an email and whom should I address it to gather info on payments made by Builder?

    ReplyDelete
  40. I Registered under-construction a House in the Month Feb 2016 and starting Pre-EMI

    Loan July 2017 and House Loan Amount is Rs.13,00,000/-.
    I Paid pre-emi interest 45500/- (July17 to Dec17)
    I getting the possession in 01-jan-18 and starting full EMI.
    Can i claim full pre-emi interest (45500/-) deduction under Section 24B?
    or
    How to calculate 5 installment for next 5 year deduction under Section 24B?

    ReplyDelete
    Replies
    1. We assume that House is completed by 01.01.2018 , if so pre construction period will be considered only up to 31.03.2017.So interest for the period July 17 to Dec 17 can be claimed fully in fy 2017-18 ay 2018-19 as it is normal interest and not pre construction interest as per income tax act.

      Further please note that as per section 24B interest deduction is available on accrual basis and not on payment basis.

      Delete
    2. Thanks.

      1 more question
      Can i get benefit under Section 80EE (amount 50,000/) in FY 2017-18 ?

      Delete
    3. Same amount can not be claimed twice.As your loan is just 13 lakh ,your interest will be covered under 24b itself upto 2 lakh so no need of 80EE

      Delete
  41. but ....
    Section 80EE allows tax benefits for first time home buyers. so Can i get benefit under Section 80EE (amount 50,000/-) in FY 2017-18 ?

    ReplyDelete
    Replies
    1. If your yearly interest is 250000 lakh then you can claim 24b 2 lakh and 50000 in 80EE subject to other condition ,but if interest is less than 2 lakh then whole amount will be covered under 24b

      Delete
  42. but sir...
    Under section 24B i already getting Rs.73716/- interest Amount (July17 to Mar18).
    and I have extra benefit for section 80EE (Rs.50000/- First time home buyer)
    so can I calim ?

    ReplyDelete
    Replies
    1. Same Interest can not be claimed under two sections ,as you have already claimed interest under 24b so same amount can not be claimed under 80EE

      Delete
  43. sir, interest is less than 2 lakh then whole amount 123716/- (Rs.73716/-(24B) + Rs.50000/-(80EE)) will be get under 24b?

    ReplyDelete
    Replies
    1. total deduction claimed under 80EE and 24b can not be more than interest due on your loan , your total loan interest amount is 73716 which you have claimed under 24b ,so nothing left to claim under section 80EE

      Delete
  44. Dear Sir,
    I've taken home loan of Rs.38 lakhs from bank for buying an under construction flat whose possession is March 2020.
    First loan amount of Rs. 18 lakhs was disbursed by bank on Dec 17.
    Pre EMI interest of Rs. 7777 was paid on Jan 18 and Rs. 12689 on Feb 18.
    Am I eligible for tax exemption for FY- 17-18 and under what section?
    Regards

    ReplyDelete
    Replies
    1. No,you are not eligible to claim deduction. Till completion of house ,so no benefit during FY 2017.18

      Delete
  45. I took home loan in 2014 and EMI Statred in October 2014. OC received in December 2017. But took possession in april 2018. Nobody is living in the house and wishing to give it on rent. How to get rebate on homeloan interest.

    ReplyDelete
  46. I forgot to claim pre possession period interest during the initial two years. Can I claim the entire interest amount in the remaining 3 years?

    ReplyDelete
    Replies
    1. no , you can claim only respective share of each year , you can not claim amount in relation to last years in next three years

      Delete
  47. Sir, if the home loan disbursement start date (01-jun-2018) and the construction end date (loan disbursement end date) (15-dec-2018) happens in same financial year, then can the entire Interest [Pre-EMI (Jun - Dec 2018) + EMI (Dec 2018 - Mar 2019) ] be claimed as Interest in FY 2018-19 if home is self occupied.

    ReplyDelete
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SIMPLE TAX INDIA: INTEREST ON PRE CONSTRUCTION PERIOD-HOME LOAN-INCOME TAX
INTEREST ON PRE CONSTRUCTION PERIOD-HOME LOAN-INCOME TAX
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SIMPLE TAX INDIA
https://www.simpletaxindia.net/2017/01/interest-on-pre-construction-period-home-loan-income-tax.html
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https://www.simpletaxindia.net/2017/01/interest-on-pre-construction-period-home-loan-income-tax.html
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