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Pre-EMI interest paid can be claimed in the five equal instalments from the year of the completion of the construction.

Can the pre-EMI paid be claimed in any future year after the date of occupancy? My pre-EMI for 3 years is approx R 2.5 lakh and my interest paid per year after the possession is around R 1.8 lakh per year,of which I can claim only R 1.5 lakh as per the limit of tax benefit. If I claim my pre-EMI currently,will I get the benefit? So can I claim my pre-EMI in the year when my actual interest paid will be much lesser?

Vishwas Kulkarni,Pune

Pre-EMI interest paid can be claimed in the five equal instalments from the year of the completion of the construction. If the property is let-out,the entire interest payable can be claimed without any restriction including the pre EMI interest. If the property is self-occupied then the limit for deduction is R1.5 lakh including the pre-EMI interest. You cannot claim the pre-EMI interest after 5 years from the year of completion of construction.

I intend to construct a house on my ancestral land. The ownership is in the name of my father. I have a brother and a sister. I intend to take a loan towards construction. Will the bank ask for any documents or signatures from my brother or sister?

Yogendra,Hisar

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Since you intend to take the loan,while the land is in your fathers name,he will have to be the applicant for the loan with you being the co-applicant. If you are not the co-owner of the property,you will not be able to claim any tax benefits on the loan taken for this purpose. The bank may ask for a declaration from your brother and sister that they have no interest in the property if as per the inheritance laws that govern you,they are entitled to a share in the property after the death of your father. The ownership interest of your father is limited due to the inheritance laws applicable to you.

The expert is CEO,Apnapaisa.com
For queries on real estate,please email us at estates@expressindia.com

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