Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA. 

Q-1 What are Income tax benefits of taking  and repaying a housing loan under EMI Plan?

You will be eligible to claim both the interest and principal components of your repayment during the year.

  • Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 200,000 (Rs. 150000/- up to A.Y. 2014-15) or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house)
  • Principal can be claimed up to the maximum of Rs. 150,000  (Rs. 100000/- up to A.Y. 2014-15) under Section 80C. This is subject to the maximum level of Rs 150,000 (Rs. 100000/- up to A.Y. 2014-15) across all 80C investments.
  • You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same.

Q-2 If I buy a house jointly with my wife and take a joint home loan, Can we both claim income tax deduction?

Ans:-Yes, if your wife is working and has a separate source of income, both of you can claim separate deductions in your income tax returns.The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1.50 (Rs. 1 Lakh  up to A.Y. 2014-15)  lakh individually by each co-owner.

In cases where the house is owned by more than one person and is also self-occupied by each co-owner, each co-owner shall be entitled to the deduction individually on account of interest on borrowed money up to a maximum amount of Rs. 2  lakh (Rs. 1.50 Lakh  up to A.Y. 2014-15). If the house is given on rent, there is no restriction on this amount. Both co-owners can claim deductions in the ratio of ownership.

Q-3 My husband and I have jointly taken a home loan. He pays 75 percent of the EMI. What will be our individual tax benefits?

Ans: – As you have taken a joint home loan, both of you are eligible for tax exemption for your share of the EMI paid. For claiming income tax deduction, the EMI amount is divided into the principal and interest components. The repayment of the principal amount of loan is claimed as a deduction under section 80C of the Income Tax Act up to a maximum amount of Rs. 1.50 (Rs. 1 Lakh  up to A.Y. 2014-15) lakh individually by each co-owner. The repayment of the interest portion of the EMI is also allowed as a deduction under section 24 of the Act, which is given under the head “income from house property”. In case you are living in the house for which home loan is taken, both of you shall be entitled to deduction in the ratio (3:1) on account of interest on borrowed money up to a maximum of Rs. 2 lakh individually (Rs. 1.50 Lakh  up to A.Y. 2014-15). If the house is given on rent, there is no restriction on this amount and both co-owners can claim deduction in the ratio of ownership- 3:1 in your case.

Q– 4 plan to buy a house by raising loans from friends and relatives. Will I be eligible for tax benefit from all sources?

Ans: – Interest payment to friends and relatives can be claimed u/s 24 but only against a certificate received from them. In the absence of the certificate, you would not be eligible for the deduction. The recipient of interest income who issues the certificate is liable to pay tax on the interest income that he receives. As far as the principal payments are concerned, they would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions.

Q- 5  What are the tax benefits that I can avail of for repaying a home loan ?

You will be eligible to claim both the interest and principal components of your repayment during the year.

  • Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 200,000  (Rs. 1.50 Lakh  up to A.Y. 2014-15) or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house)
  • Principal can be claimed up to the maximum of Rs. 150,000  (Rs. 1 Lakh  up to A.Y. 2014-15) under Section 80C. This is subject to the maximum level of Rs 150,000 (Rs. 1 Lakh  up to A.Y. 2014-15) across all 80C investments.
  • You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same.

Q- 6 .  Can I take advantage of tax benefits from a home loan as well as claim House Rent Allowance (HRA) ?

If you took a home loan and are still living in a rented place, you will be entitled to:

  1. Tax benefit on principal repayment under Section 80C
  2. Tax benefit on interest payment under Section 24
  3. HRA benefit

Of course, you can claim tax benefits on the home loan only if your home is ready to live in during that financial year. Once the construction on your home is complete, the HRA benefit stops. If you took a home loan, got possession of the house, have rented it out and stay in a rented accommodation, you will be entitled to all the three benefits mentioned above. However, in this case, the rent you receive would be considered as your taxable income.

Q- 7.  I have a home loan in which I am a co-applicant. However, the total EMI amount is paid by me. What is the total income tax exemption that I can avail of ?

Yes, you can claim income tax exemption if you are a co applicant in a housing loan as long as you are also the owner or co owner of the property in question. If you are only person repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). You should enter into a simple agreement with the other borrowers stating that you will be repaying the entire loan. If you are paying part of the EMI, you will get tax benefits in the proportion to your share in the loan.

Q- 8.  I have two housing loans on two different properties. Can I get tax rebate under sec 80 C of both the loans?

Yes, you can get the 80C benefit on both loans. However, the total amount that you will be entitled to will be a total of Rs 150,000 (Rs. 1 Lakh  up to A.Y. 2014-15) across both the homes.

The interest paid on a home loan is not directly deductible from your salary income for either of your flat loans. Income from house property will be calculated for each flat you own. If  either of theses calculations shows a loss, this loss can be set off against your income from other heads.

As for Section 24 deduction, on your self occupied house you can take advantage of interest payments up to Rs.2,00,000  (Rs. 1.50  Lakh  up to A.Y. 2014-15).  For the other property, you can claim actual interest repaid, there is no limit for the same.

Q- 9.I live in Delhi in my own house. In 2009, I took a housing loan to fund the purchase of an under-construction flat in another city (Faridabad which comes under National Capital Region of Delhi but otherwise falls in Haryana). It is expected to be completed in FY 15. I haven’t claimed any tax benefit so far. What happens to the loan installments I have paid so far? Can they also be claimed for tax benefit?

According to the Income-tax Act, 1961, where the property has been acquired or constructed with borrowed capital, the interest payable on such capital for the period prior to the year in which the property has been acquired shall be allowed as deduction in five equal instalments beginning from the year in which the property is acquired. Thus, the interest included in the loan instalment paid by you during the construction period shall be eligible for deduction from the year in which the flat is acquired/construction is completed.

The principal amount of the loan repaid till date shall not be available as a deduction under section 80C till the time the construction of the flat gets completed. Once the flat is completed and the possession is handed over to you, you will be eligible to claim deduction for interest paid on the loan under section 24(b) and principal amount of loan under section 80C. The total amount of deduction available under section 80C shall be limited to Rs. 1.50 lakh (Rs. 1 Lakh  up to A.Y. 2014-15). Thus, as of now, you are not eligible for any tax benefit on such loan repayments.

Q. 10 Is there any additional deduction which I can claim in respect of Interest on Housing loan in addition to interest Under Section 24(b)?

Ans. Finance Minister inserted a new section relating to the additional deduction in respect of interest on loan taken for residential house property. Assessee can avail the benefits of this section in two A.Y. 2014-15 & 2015-16.Purpose of this section is to promote house ownership & give a fillip to a number of industries like steel, cement, brick, wood etc. besides jobs to thousands of construction workers. to get more information on the please read the Full Article –  Section 80EE Income Tax Benefit on Home Loan Interest

Popular Search – home loan tax exemption, interest on housing loan deduction for ay 2015-16, housing loan interest deduction for ay 2015-16, interest on housing loan deduction for ay 2014-15, housing loan interest deduction for ay 2015-16, section 24 of income tax act

Things you must know about tax benefits on home loan

  1. Home loan borrowers are entitled to tax benefits under Section 80C and Section 24 of the Income Tax Act. These can be claimed by the property’s owner.
  2. In the case of co-owners, all are entitled to tax benefits provided they are co-borrowers for the home loan too. The limit applies to each co-owner.
  3. A co-owner, who is not a co-borrower, is not entitled to tax benefits. Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.
  4. Housing companies usually require all co-owners to be joint borrowers to a home loan. Loan providers specify who can be a joint borrower for a home loan.
  5. The tax benefit is shared by each joint owner in proportion to his share in the home loan. It’s important to establish the share for each co-borrower to claim tax benefits.
  6. The certificate issued by the housing loan company, showing the split between principal and interest for the EMIs paid, is required for claiming tax benefits.

(Republished with Amendments)

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Tags : FAQs (190) Home Loan (51) Housing Loan (32) income tax act (493) section 24 (46) Tax Exemption (47)
  • Braghadeswaran T

    Hello Sir/Madam,
    I’ve bought a land through a Home-Constrcution loan under condition to construct
    the home within 3 years. As part of it, I’d paid Stamp duty/Registration fee. Does the Stamp duty/Registration fee gives Tax-Benefit current FY and if not when could it be availed?

    • Anany Goel

      hello
      yes you can take benefit of stamp duty and registeration fee u/s 80C as it is included in the value of house property.

  • Anany Goel

    you are eligible for the amount of EMI you have paid before 31/3/2016 as a deduction. principal component u/s 80C upto Rs 1.5L and interest amount upto Rs. 2L u/s 24.

  • Anany Goel

    yes you can
    sec 80C – principal- only if house is new
    sec 24- intt- only if it is residential house

  • Anany Goel

    as a rule deduction can be claimed only if you are a co-owner, so u can claim deduction only for the flat in your name and not the other one in your wife’s name

  • Anany Goel

    pre emi interest to be claimed in 5 equal yearly installments
    post completion interest allowed on payment basis…s full amount paid is allowed

  • Anany Goel

    no… borrower should be a co-owner

  • Anany Goel

    You can claim it in 5 equal installments from the year of its completion subject to max rs 2 lacs if it is self occupied

  • Rajendra Juttada

    Sir,
    I have taken a Home loan jointly with me and my wife it is self occupied property.My wife is prime applicant and I am co-applicant. The EMI is being paid from my bank account. My wife is not in job she is a housewife and not claiming the tax rebate on this. My Wife is owner of the house and I am the co-owner of the house.

    Can I claim tax rebate of full amount of interest and principal on the housing loan on which i am co-applicant? EMI is going from my bank account.

    If I can’t claim tax rebate then Is there any way to by which in future I can take tax benefits over home loan.

    • s sudarshana

      Good news for you. You being the co-owner you too can claim the exemption under section 2B and Secion 80; interest and principal component. The ration between you two can be fixed by you and her. As she is not having any job and you are paying the full emi the ration can be shown as 0:100 between owner and co-owner. You can claim full rebate.

  • Pawan

    Hi,

    I am giving emi for two houses for which I have taken loan. And both the houses are occupued by my family members. Can I claim loan for both the properties under Section 80C

  • Pawan

    I am giving emi for two houses for which I have taken loan. And both the houses are occupued am giving emi for two houses for which I have taken loan. And both the houses are occupued by my family members. Can I claim loan for both the properties under Section 80by my family members. Can I claim loan for both the properties?

  • Jeevan Mallampalli

    Hello sir/madam,
    I have two home loans against two properties. One house is under let out at vizag.
    Another will be given possession in march 2016 in Pune.
    Now I am staying at rented house and availing hra. Please guide me to avail tax exemptions for this FY

    • s sudarshana

      You can claim under both sections that deal with the HRA exemption and negative income due to housing loan. The let out property will have the negative income due to interest liability and a positive income by way of rent. If the net is negative you can claim u/s 24B

  • sathish kumaar

    Dear Anany – we are building a house and land is in my mother’s name. I need to claim IT benefits as I’ll pay EMI. Above answer for Q7 states that I need to be a co-owner and we can get into a agreement that i’ll pay the entire loan amount.
    1. Can you share the format/ template of that agreement?
    2. Even if my mother transfers just 10% or 25% ownership, can I claim 100% IT benefits after entering into an agreement or is there any minimum ownership that I need to possess?

  • Shreyas Mehrotra

    Dear Anany, I plan to register a house jointly with my wife and hence she would be the co-owner. I would also be taking a home loan jointly with her. The EMIs would be made through my salary account itself but paid both by her and I. Is it possible for her to claim IT benefits or does the account through which the EMI is being paid has to be a joint account? Pls let me know. Thanks.

    • s sudarshana

      Good question. Important points: 1) If you buy jointly with the wife, notwithstanding the ration of input at the time of purchase, both can claim the rebate, both interest component and principal component in a ration that will give maximum rebate/benefit to family. The ration can be changed every year. 2) Repayment is to be done, preferably through an account which has the input from the spouse account to satisfy the rule that the proportion is not only indicative but actually so.

  • Siva Mogili

    Sir,
    My wife and I have jointly taken a home loan. Both are paying 50% of EMI and property on my wife’s name only. can I claim income tax benefit of 50%. please help me.

  • Gambhir Singh

    Sir I am living in a govt accommodation, and I have taken a home loan for construction.Can I avail income tax rebate on home loan interest after completion of Construction work.

  • sanjeev parasar

    can I claim housing loan benefit without owner of property

  • Sunil G.

    I have paid registration charges for my new under construction property in year feb last week 2014-15, can I claim this charges for income tax exception for current year? Also I am paying EMI for under construction property please inform can I claim my current year EMI for tax benefit. My property still under construction and I will get possession by Dec.2016.

  • edward

    Can I claim income tax rebate on home loan after full disbursal of loan amount or is the physical possession of the property mandatory? I am paying EMI for the last 6 months (paid pre emi for earlier 3 years). Can I now claim income tax rebate since the property has still not been handed over to me

  • raman

    A 1BHK flat was allotted to my wife (she is the only owner) by DDA. As my wife is not earning so I took home loan as co-borrower and paying the whole EMI every month. Please tell me how can I save income tax? Thanks in advanced 🙂

  • Tarun Gupta

    One doubt about the home loan ,if I repay the home loan taken from bank ,by taking a loan from my parents.can I claim the interest paid to my parents under section 24?

  • Tarun Gupta

    One doubt on home loan ,if I repay the home loan taken from bank ,by a loan from parents.can I claim the tax benefit of interest paid to parents under section 24?

    • Shilpa Maniyar

      yes u can claim interest u/s 24

  • kapil giri

    I have taken Basic home loan in June-2013. Again I have taken additional top-up house loan on the same property in Dec-2015. So I got two different Home loan Account Numbers on the same property. Shall I take benefits of both loan amounts i.e. Interest paid on both loan for Income Tax calculation purpose. i.e for Deduction of Interest Amount of Both loan from Gross Income.

  • Yamini

    Me and my husband has taken joint home loan to buy a house. We both are co-owner and co-borrower. Joint home Loan has both names i.e. me and my husband. I am paying the full EMI and it is being paid from my account.
    To submit investment proof in company Bank has issued provisional certificate under both names. There is no ownership ratio in sale deed, nor we have any agreement that I can claim full 100% benefit.
    Now we are in process of divorce. And my husband is claiming 50% tax benefit, though I am paying the full EMI which is deducted from my account. And my husband is not paying at all towards home loan repayment.

    My question is Can I claim 100% tax benefit when I do not have ownership ratio in sale deed, nor I have any agreement that I can claim full 100% benefit ?

  • AMIT TALATI

    SIR I HAVE HOME LOAN OF RS. 65000 NEAR TO COMPLETE BY SEPTEMBER- 2016. NOW I WANT TO TAKE A TOP UP LOAN FOR RECONSTRUCTION OF THE SAME HOUSE. WILL I BE ENTITLED FOR TAX BENEFITS ?

  • AMIT TALATI

    MY HOME LOAN AMOUNT OF RS. 65000 WILL BE NEAR TO COMPLETE IN SEPT-2016. NOW, I WANT TO TAKE TOP UP LOAN OF RS. 900000. ITS EMI WILL BE @ RS. 9000/- P.M. WILL I BE ENTITLED FOR TAX BENEFIT FOR TOP UP LOAN? HOW MUCH TAX BENEFIT WILL BE THERE?

  • Prem Kumar

    I have taken a house loan of 10 lakhs from Govt of Kerala. As per the rules principle portion is being repaid first. Interest portion has to be repay after the completion of principle amount. Can I am eligible for deduction of interest as per 24b as accrued interest?

  • Milind

    I am staying and working in Aurangabad, Maharashtra in a rental house.
    I purchased a flat in Pune, Maharashtra (@250kms from Aurangabad) which is still under construction and possession is expected in 2017. Can I claim, own contribution and ST; VAT and Stamp duty under section 80C and interest paid to lender under section 24?

  • Yogesh Amera

    I am co applicant in my home loan with my wife but in the property registry i am not co owner. My wife who is totally dependent on me is the owner. Can i avail house loan benefits in my income tax calculation ???

    • Shilpa Maniyar

      yes

      • bharti singh

        In one of our property wife is the owner and i am co-borrower. And in second we both are co-owner and co-borrower.

        1) will i get tax rebate on my first property?

        2) my second property (in which we both are co-owner and co-borrower) will also be ready to be delivered. Now can i claim tax rebate on this second property also?

        3) if yes to point 2 then which one will be considered as my first home and which one will be second home?

  • Nisheeth

    I live in my family house (owned by my parents). I recently purchased a ready to move in property and took a home loan. The property I purchased is in the same city (locality next to ours) and I intend to give it on rent and expected rental income is 40-50% of EMI. Now I have two doubts..

    1. What is the maximum benefit can I claim against the interest part of home loan. Is it 2 lakhs or max of rental income or the there is no limit?
    2. Can I pay rent to my parents and claim HRA exemption at the same time?

  • bharti singh

    In one of our property wife is the owner and i am co-borrower. And in second we are co-owner and co-borrower.
    1) will i get tax rebate on my first property?
    2) my second property (in which we both are co-owner and co-borrower) will also be ready to be delivered. Now can i claim tax rebate on this second property also?
    3) if yes to point 2 then which one will be considered as my first home and which one will be second home?

    • deepak

      u r husband or wife?

  • Sadaf Tahsin

    My question is a little complicated. I am working with State Bank of Hyderabad (SBH) and my husband is employed in Tata. My employer offers concessionary ROI on housing loan to staff only. Me and my husband is planning to purcahse a flat in Joint Name and avail home loan in joint name from SBH but my company will be deducting EMI from my salary itself since I am the employee. So can me and my husband both claim tax benefit and installment benefit under Income Tax laws by the certificate issued by SBH in Joint Name. My husband wants to make the repayment but SBH will not entertain any other mode of repayment apart from my salary. We want to avail loan from SBH beacuse of concessionary rate of interest. Pls guide

  • nida khan

    I have taken a house loan in 2014 of Rs 15 Lacs at interest of 9%, in 2016 i have taken another loan for repayment of house loan at lower interest rate and repaid more amount of house loan in 2016 .So Can i get the deduction of house loan for the amount i have repaid for the loan.

  • Pankaj Soni

    i have taken a house loan for purchasing the house property. later on i let-out that property but rent of same are receiving by me & My wife Jointly.EMI of the same are being paid by me. can i take full amount of interest exemption paid on EMI

  • GURDEEP SINGH

    IF HOME LOAN EMI INCLUE INSURANCE PREMIUM ALSO. CAN WE CALAIM PRINCIPAL/INTT/INSURANCE PREMIUM PAID FOR HOME . CAN WE CLAIM ALL

  • Pavan Raj

    I took home loan In Dec 2013 and purchase an under-construction flat , It is expected to be completed by July 2016. I haven’t claimed any tax benefit so far. What happens to the loan installments I have paid so far? Can they also be claimed for tax benefit? .. Do I need to have Possession Letter or any occupancy letter is enough for the claimed for tax benefit

  • Prateek Agarwal

    We purchased one house on my father’s name and the registry of the house is also on my father’s name. We availed one loan from the bank and in this loan me, my father and my brother are co-borrowers and while arranging that loan my income and my brother’s income was considered for repayment of the loan. i had read on http://taxadda.com/income-tax/house-property/deduction-of-interest-sec-24b/ that only owner can claim deduction under this section. I have one question that can me and my brother can avail income tax benefit under section 24b.

  • Ramani

    wife and husband jointly taken housing loan and constructed house in husband’s property. The loan interest and principal is recovered from wife’s salary and husband is not having any income. please clarify whether wife is eligible for income tax exemption under section 24b.

  • upender shàrma

    i take home loan just befor 5 month back, can i take benifet under section 80c,

  • Surjit

    I have house loan and i am paying total 60000/- during the FY 14-15 and bank charged interest Rs 23829/- than how i will claim in my ITR Rs 60000/- in 80C and 23829/- sec 24 or 60000-23829=36171 only claim in 80c pls suggest me

  • Renuka Muley

    Can I get tax exemption benefits on taking home loan on a property which I have not got possession of ?

  • Mahesh

    Recently I have purchased a property on home loan, my dad and me are the co owners of the property. but however I am the only me paid the stamp Duty(1.4L) fully and will be paying EMI’s also. So can I get the tax exemption fully for the stamp duty (1.4L) and full EMI amounts for the next FYs ??

  • Brijesh Shetty

    Hi,
    I have recently booked a new house. i already have an existing house. The new house will not be a self occupied house and will be let out. I done have loan on my first house. What Income Tax rebates/benefits can i avail?

  • Ramdas SRV

    I took a housing loan in Jan 2015. The EMI starts from Aug2016(Max 18 months holiday period). But the flat is not ready for occupation . It may be handed over after March 2017. Can I claim Tax exemption for the EMIs. I will be paying from Aug2016, in this FY 2016-17?

  • Ramdas Srv

    I took a housing loan in Jan 2015. The EMI starts from Aug2016(Max 18 months holiday period). But the flat is not ready for occupation . It may be handed over after March 2017. Can I claim Tax exemption for the EMIs. I will be paying from Aug2016, in this FY 2016-17?

  • ankit

    sir….i am working in armed forces. i have taken two loans one is house loan of 29 lac and second one is home improvement loan of 14 lac. So, monthly i m paying a total emi of around 41k per month.
    I just wanted to know whether i am eligible for tax deductions under both the loans and what is the limit as m not staying in that house. I am staying to some other army area campus in a different city.

  • Mr Singh

    I have in possession a property for which I have been claiming INR 2 Lacs as deduction for last 2 years. However this year I want to show the same as deemed to be let out. Can I claim deduction for all the interest portion (i.e. preconstruction + post construction) minus INR 4 lacs as I am declaring it as deemed to be let out in year 3 and also due to the fact that the property is in Noida and I am staying in Delhi due to my job requirements. The unutilized portion of the interest is much higher than INR 2 Lacs till the end of the current financial year if all added together.

  • Sangeet Menon

    Hi,
    I intend to purchase a property(pre-constructed residential flat) on name of my mother only (single ownership of house). But I intend to apply for the home loan under the name of my mother and me as a co-applicant. In that case can I claim the Home loan tax benefits as I will be the one paying the EMIs for the Home loan?

  • Tushar Chaudhari

    Hello…
    I want to know that if I have purchased a new flat (say flat-1) against housing loan in my own name and given on rent. And i am residing in another rented flat (say flat-2) in the same city. Shall i be entitled to claim HRA for rent I pay (for flat-2) and get benefit of interest and principle for my flat (flat-1) in respective sections of incometax ?

  • Kaberi Dutta

    I intend to purchase one flat from my overdraft a/c with purpose of purchasing flat as I am not getting home loan due to my age . Can I claim home loan interest exemption from Income Tax ?

  • Atul Gupta

    Hi, I took a loan of 1500000 for house building in 2009. The loan was repaid in next six years with interest component amounting to Rs 310000. The house construction is nearing completion in Dec 2016. How can I claim tax deduction. Pl advice.

  • Theodore John

    Myself and my wife both Kerala State Government employees had availed department HBA jointly. The principal and interest are repaid as Salary deduction equally by both of us. The house has been constructed in the property owned by me and the house is in my name. Can both of us claim tax relief on repayment made

  • Chandra Sekhar

    I purchased home on may 2016 and due to some personal reasons i am not shifting to that house now (the house is already constructed and ready to occupy). I am planning to shift around Jan/Feb 2017. Can i avail tax benefit for all ( HRA, 80C and loan interest). I am planning to show proof for HRA until I occupy new house.

    My doubt is other 2 components 80C and Interest on house loan is still eligible right?

  • Sanjeev Kumar

    while filling the income tax return whether i will deduct interest on house loan first then i will show the gross income of first i will show the gross income from salary and then deduct interest on house loan and principal amt paid for house load plz guide me

  • Biswajit

    Hi,
    I have taken home loan in Nov 2014 and paying EMI since Jan 2015. I registered the flat last month. I have not occupied it yet. I am currently living in a rented house. In the company prepared Form 16, the rent component is present. Can I also claim the home loan interest paid so far in this Fy 2015-16 tax returns?
    Biswajit

  • Ankur R Sharma

    hii I took a loan for improved my House property
    my house was already constructed.
    Can i will take deduction in u/s 24b..??

  • Deepa

    we have taken a home in 2013. The housenis registered under by husbands name, but the repayment is done by me. How can I avail the tax benefits.

  • vipin

    I have taken a joint house loan with my real brother and cousin of Rs. 4300000/- from bank to purchase a house. The interest and principal payable for a year is about 400000/- and 90000/- respectively. We all are co-owner as well as co-borrower of the property and paying monthly EMI @ 45000 (including interest and principal both). The amount (EMI) is directly debited from my saving account every month. We all three (including brother and cousin) are contributing /depositing money in my saving account randomly depending on availability of money with each one of us so as a total amount of 45000 is deposited in my saving account per month.
    Please suggest how and to what extent each of us can claim rebate on both principal and interest component when we all are contributing arbitrarily to the monthly EMI. Can each of us claim the rebate on interest up to Rs. 200000/- individually or in proportionate amount (33.33% each) or only to the amount contributed by each in a year.

  • bggarg

    I am working in CWC-Govt Of India service at New Delhi , Recently i purchased a ready built house amounting to Rs. thirty six lakh at Haldwani Disst. Nanittal (Uttrakhand) in the name of my wife (house wife)
    * I had taken GPF advance for above purchase as 20% of above house.
    * Loan taken Rs. Thirty lakh fron LIC Home Loan Due to service time balance is below 3 years ( My Retirement on 10/2016) LIC – HFL add my son as co-applicant as his service(Working in private org) is about 28 years LIC-HFL sanction order made namely My Wife / My Son & my self.
    * Housing loan installment Rs. 27995/- Per month start from 09/2016
    It is requested that Income-tax rebate should be claim by me or my son.
    thanks
    bggarg
    bggarg123@gmail.com
    Mob; 9891941499

  • Srinivasan

    I have taken a joint home loan with my spouse and my annual interest component comes to Rs.2,40,000. Based on the above comments, I understand that the total deduction we can claim on this interest under Section 24 is Rs.2.40 lakhs in total and not Rs.2.4 lakh each

  • Mohamed Rafic

    I have taken home loan ( includes both construction and land purchase) and started paying the EMI. But I am yet to start the construction. Will I be eligible to claim Tax benefit for the Principle amount I pay.?

  • Mohamed Rafic

    I have taken home loan ( includes both construction and land purchase) and started paying the EMI. But I am yet to start the construction. Will I be eligible to claim Tax benefit for the Principle amount I pay.?

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