Tax Deduction for pre-EMI Interest

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  1. Naragani Rambabu

    Naragani Rambabu New Member

    Dear sir ,we are taken an housing loan from a bank on 31.12.2015(loan disbursal date).For this we paid advance to house owner and occupied that plat from december 2015.(second hand plat).For this loan repayment bank given EMI date is 4 th of every month.But loan disbursal date is 31.12.15, so they recieved pre EMI interest for that days ie 31.12.15 to4.01.2016

    1.Am i claim that pre EMI interest for this A.Y 15-16?under section 24?.

    2.My wife is applicant of this loan and i am co obligant,both we are salaried persons,Loan
    Taken on the name of her,and also registered plat on the name of her only,can we both
    claim loan interest part under section 24?
  2. Naragani Rambabu

    Naragani Rambabu New Member

  3. Karan Batra

    Karan Batra Well-Known Member

    1. Yes, you can claim deduction for pre-emi interest
    2. Only the owner of the property can claim the tax deduction. As you are not the owner of the property - therefore you cannot claim this deduction
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