House loan interest deduction, Income Tax

[madhavvan]

housing loan interest deduction before possession of property how to be claimed can it be carried forward for any number of years since after possession if the limit of rs. 150000 is exhausted say for 3 years can this pre emi interest be allowable as deduction after the expiry of 3 rd year upto the 8th year

Posts / Replies

[Ravi Chopra]

No, you can not deferr the interest for the period prior to acqusition to claim benefit after 3 years. First installment (out to equal 5 installments) is to be claimed in the year of acquisition or possession of the house property itself. Remaining four installment shall be claimed immediately four succeeding years.