• Jan
  • 26
  • 2014

FAQ on Housing Loan & Income tax benefit

Q-1What 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. 150,000 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. 100,000 under Section 80C. This is subject to the maximum level of Rs 100,000 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 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. 1.5 lakh. 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. 1lakh 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. 1.5 lakh individually. 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. 150,000 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. 100,000 under Section 80C. This is subject to the maximum level of Rs 100,000 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 100,000 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.1,50,000. 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 2008, 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 FY14. 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 lakh. 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

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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)

563 Responses to “FAQ on Housing Loan & Income tax benefit”

  1. Vivek Kumar says:

    I purchased builder flat through Bank Loan ,which is under construction(We don’t have possession of Flat). Can I take Tax benefit under 80C for the Principal Amount?

  2. prabhu k says:

    Sir
    I bought a house in my wife name, She is a house wife. so i didnt get the permission from my office. They didnt allow me to deduct the interest and principle in my tax application. So now i pay the full tax:(… Is there any chance to return back my money from income tax department….
    Eagerly waiting for your reply
    thanking you

  3. Meenu says:

    Dear Sir,

    I am currently staying on rent in Noida. We (joint owner with spouse) purchased a flat in Rajasthan last year and currently paying EMI for the joint loan. We got possession of the flat in Mrach 2014. Can we claim HRA for financial year 2013-14 & also take housing loan benefit also. If yes, then what should be the category in ITR1 – self occupied/let out?

    Is there any provision for such a case when house is not on rent & nobody is staying there ?

    Thanks & Regards

  4. S Kumar says:

    Dear Sir,

    I am having a house in Mumbai and given on rent. It is free from any loan. At present I am staying in Ahmedabad in my own house which is taken on loan. What type of tax benefit I will get in my income tax calculation? Can I set of Mumbai rental income against the interest paid for Ahmedabad home loan or I will get only maximum benefit of Rs. 1.5 lakh.

  5. kuldeep says:

    I had purchased a plot with loan and after one year i taken house loan for making home and now my home is complete and i am living there.am i eligible on tax rebate on both plot and home/construction loan.I am paying two loans 1 for plot & another for home/construction for one address.

  6. anil kumar says:

    I have taken a home loan but the home will be completed in 2017, suppose I will pay Rs 10 lakh interest up to possession. Then in year 2018, how much interest will shown for tax benefit if interest of year 2018 will be Rs 2 lakh.

  7. B Mukherjee says:

    Sir,

    I bought a flat in December 2010 and took a home loan for the flat. I have been paying EMI for the flat since December 2010. However, I have not yet got possession of the flat and am likely to get possession by November 2014. However, the flat has been registered in my name in March 2014. Am I entitled to tax benefit on my home loan? Can I claim tax rebate on the pre-possession interest amount? May kindly advise.

  8. harsh says:

    Hi, can i calim Income Tax Rebate on the Housing Loan taken for construction of house on the plot which is on my father’s name ?

  9. Sree says:

    I am planning to purchase 2nd house. I have one house in my native place with less principal interest (for e.g. 1.2 la pa. my parents are staying) and another one, I am planning to buy in Bangalore. The principal interest will be more for this(for e.g. 3.6la pa) in Bangalore. Both are self occupied. In this case, will I get tax benefit on the 2nd house?
    Please clarify. Thank you.

  10. Daya says:

    I have house loan for my house in my native in which my Dad stays.
    I want to sell that house and i want to buy , with another house loan, in another city where i am working.
    Can i avail HRA and House loan tax exemption
    Can i avail tax benefit for the second house

  11. P says:

    I have a doubt regarding rule 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.

    Can we change this proportion in future ?

    In our case,
    Myself and my parents are co-borrowers and co-owners of house. So in current FY my parents have paid all the emi’s and will be taking entire benefits.

    In next FY, I will also start contributing to the emi, so can we change this proportion in ITR2 form ?

    What shall be written in this and next years ITR2 form ?

    Thanks & Regards,

  12. Sushil says:

    Dear Sir,
    I need some suggestion form your end. Kindly help me.
    I have taken house loan, but since one of my PPF got matured I have paid the whole loan amount with that matured amount received. At the same in my Form No. 16, I have shown under section 80C
    1. PF – 60000
    2. LIP – 60000
    3. House loan repayment – 500000

    Since, during giving the declaration I have not cleared the loan, so only I have shown the house loan repayment in my declaration.
    But now, I wish to clear all those in my efilling for income tax return.hence guide me, under which section I can show.

    regards
    sushil

  13. shuhaib says:

    sir,
    me and my wife together took a home loan from a bank and payment is also paid by both of us equally. but the property is registered in my wife’s name. my wife is also filing income tax return. what deductions can i claim while filing the returns.

  14. Farhan says:

    Hi,

    I have purchased a house in July 2009, however the home loan commenced from 15th April 2010. And I got the pocession of flat in July this year(2014). My question is:

    Can I claim income tax exemption on interest paid on the home loan under Sec 24. Also, what would be the tax implication under these two circumstances:

    1) If I self occupy the house.
    2) If I let out the property on rent.

    Thanks and Regards,
    Farhan Naqvi

  15. Sanjay says:

    I had taken a home loan in April, 2011 and last disbursement was made in July, 2013. Possession of flat is likely to be given in December, 2014. Am I entitled to claim of Income Tax rebate on interest paid for FY 2014-15 i.e. AY 2015-16?

  16. FARHA XEC says:

    Hi,

    I stay with my inlaws and I am working too. My Mother in law wants me to take home loan for house renovation purpose. Will i be able to get the loan on My MIL house, The house is also in her name. If i get the loan will i be able to get tax exemption. Please revert.

  17. Kamal Chaudhary says:

    Kindly clarify–
    I have housing loan from LICHFL since 2009 and availing tax benefits.
    In Sep 2013 I have taken top up loan for flat renovation. can I claim tax benefits on interest paid.

  18. Pavan says:

    Sir,
    Site is in my wife’s name. I want to take home loan on my name using Power of Attorney. If POA is present, can I claim tax exemption on the home loan.
    please reply

  19. krishna says:

    Hi,

    I have taken a home loan to buy a house in delhi. The loan is in joint name of my wife also she is a co-owner of the house. The house is rented out.

    Q1. Can I alone claim whole rebate on income tax for this year and after 2 year can we both claim tax benefits in some ratio say 80-20, as now total EMI is paid by me only and after 2 years she will pay her part (20%)?

  20. SANJEEV VERMA says:

    I had purchased Residential Land in Aug 2011 by taking land purchase loan from a Bank. Now in Aug 2014(after 3 years) i want to start construction of House on it by taking fresh loan from same bank and as per Bank my loan for Land has to be clubbed with Construction loan. As in section 24(b) it states that the constriction of House to be executed with in 3 years of the disbursement of first installment to take benefit of Rs 1,50,000 as deduction of interest, Otherwise it will be Rs. 30,000.
    My Queries are:
    1. Whether i can club the loans and can claim tax benefit on the combined Loan.
    2. What will be first installment date, Land Purchase Loan date or New Construction Loan.

    Please Advice.

    Regards,
    Sanjeev Verma

  21. Sandeep Nigam says:

    Sir,
    My mother take a housing loan but she cant advantage of housing loan interest i am not a co borrower but i pay instalment every month. can i benifit of mother housing loan interest.sandeep nigam.

  22. vikas gupta says:

    i had taken loan from bank for repair of house can i get the full interest rebate i.e Rs.150000/-

  23. Rohit says:

    Dear Sir
    I own a house in Bangalore but staying in Cochin in rented accommodation and paying house loan also. Can I claim tax benefit for the total interest paid for the loan in a financial year (and not limited to 1.5Lacs). I have rented the Bangalore property but without any formal agreement. Is it necessary to have a rent agreement and show the income from rent. Can I take benefit of all the three section:
    - Tax benefit on principal repayment under Section 80C
    - Tax benefit on interest payment under Section 24
    - HRA benefit

    Regards
    Rohit

  24. sasi kumar says:

    Sir,

    I planned to buy a plot through home loan, will I be eligible for Tax savings under following sections:
    -> Section 24, interests paid for the loan
    -> Section 80C, principal payment.
    -> HRA, leaving in the rented house.

  25. THAVAMANI CHARLES says:

    Dear Sir,
    I have taken a joint home loan with my dad both of us share the EMI. The property is registered on my name..can me and my dad claim tax benefit ???

  26. murugan raj says:

    I got home loan and purchased new home in my wife name here my question is am I eligible tax deduction, if it not possible what kind of process I have to follow for available the tax deduction?

  27. saju says:

    Hi.
    I have a joint home loan with my brother(also iam the co-owner) for which the house possesion date is in november (tHE HOUSE IS IN THE SAME CITY). loan was sanctioned in the month of Feb.Now my question is (Keeping FAQ#6 in mind)
    1.can i apply for Tax benefit on Housing Loan Principal Repayment.
    2.can i apply for Tax benefit on Interest on Housing Loan.
    3.can i apply for Tax benefit on HRA (Till the time of possession).
    If yes, what all documents from bank should i need to produce, I had only provisional certificate from the bank named as – [Provisional Statement for claiming deductions under Section 80C(2)(xviii) and 24(b) of the Income Tax Act,1961 ("Act ") for the period 1st April 2013 to 31st March 2014].
    It would also be wonderful if you could provide me the links (or extracts)of the official websites about this.

    Thanks in advance

  28. Sohi Sikka says:

    I purchased a house in Nov 2009 and loan was sanctioned in FY 2010-11. Date of completion of the house was 2012-13 and so pre-construction period is 2010-12. However, I did not claim rebate on pre-construction interest in assessment year 2013-14 due to non-occupancy but filed IPR-1 for salary component. Now I want to claim rebate on pre-construction home loan interests. My query is whether I can file ITR-2 (revised or belated) for AY 2013-14 (FY2012-13) and under which sections. As pre-EMI interest can be claimed over a period of 5 years, where in ITR should I show 20% interest?
    Thanks a lot.

  29. Deepa Rout says:

    Sir,
    I m having doubt regarding tax exemption in respect of Home loan.
    Suppose for Home loan if actual total Principal Payment paid is 1 Lakh and Home loan interest payment paid is 1.5 Lakhs then whether both Husband and Wife can claim 1 Lakh and 1.5 Lakhs individually as tax exemption though the actual payment made to bank is 1 Lakh and 1.5 Lakhs.

    Please guide….

  30. Gulshan says:

    I have paid interest on home loan in financial year 2012-13 Rs 75000. But the possession of flat is offered in October, 2013, So rebate of this interest was not claimed in AY 2013-14 return due to non-occupation of the house . I have paid interest on home loan for financial year 2013-14 Rs 1,45,000-00. So in the return of AY 2014-15 total rebate on house loan interest is eligible = 1,60,000 (1,45,000+ (75000/5)). But during the e-filling of return it takes only maximum amount as 1,50,000. You are requested to advise me so that I can avail rebate on home loan interest of unoccupied period over a period of five years after occupancy of house.

  31. RAJ says:

    HI,
    I took a loan and purchased a flat in Nov 2009. The loan was for Rs 24,00,000/-. I am payin an EMI of rs 20000/-pm. how much income tax rebate will i get???

  32. Deepthi says:

    Hi, I and My Husband have taken a joint home loan, but the property is registered on my husband’s name. Also, he pays the whole EMI amount. We are not living in teh city where we own the property, so we are living ina rented house and have not rented the house we own. Please let me know what tax benifits are we entitled to, can both my husband and I can claim the tax benifit on principal and interest on home loan? and can we claim tax benifit on HRA?

  33. PRADEEP SHRIVASTAVA says:

    My sister is govt. employee in another small town and I am working in pvt. sector in urban. We both wish to purchase a house in urban by taking finance from bank. Can we take Income Tax Deduction and in what manner ?

  34. anjana says:

    Sir
    I took a loan in April 2011 and got possession of flat in June 2013.
    I could not claim exemption last year also because possession
    was after Apr 2013 . I have now forwarded tax return . Will the
    department refund 150000/- as interest paid is more than
    Rs 200000/- for each yr starting 2011

  35. Neetu says:

    Hi,
    For a property (under home loan) that I rent out in the same city that I am staying, can I avail tax rebate on the entire interest? It is a joint loan so can my spouse also claim the tax rebate?

    Also, can I claim rebate in addition, on the HRA that I receive for the house that I stay in?
    Your reply will be greatly appreciated.

    Thanks

  36. Daniel Joseph says:

    Last financial year (2013-14) I purchased a low cost flat without taking any home loan. Can I get income tax rebate?

  37. vinoth says:

    i have booked a flat , but the possession will be on 2016 june , but right am paying the interest for the loan amount , is it possible to claim as a deduction under Section 24.

  38. Vipin says:

    Hi Sir,

    I am taking home loan alone. But I want my mother to be co-owner of the property which I am buying using that home loan. So would I be eligible for all tax exemption of home loan.

  39. subbaraman says:

    I took a housing loan jointly with my wife for purchasing a house property. Before taking possession major part of the loan was repaid from sale proceeds of plot in my wife name. the balance loan has also been repaid from own and wife savings.
    The preconstruction period interest was repaid on monthly basis from out of my salary income. My wife share in the property is 70% out of the total cost of the property.
    Is it possible to claim the full 1/5 preconstruction period interest as a deduction in my IT return. My wife is an IT assessee but with nominal or nil tax\liability

  40. seema gupta says:

    My flat is still under construction from 2011.we are paying loan and interest .now if we repay full loan than after possesion of flat we get rebate on interest and principlal in sbsequent 5 years.

  41. Indrajit says:

    Hello,

    My wife has a home loan which she took before marriage. Now she has decided to quit working and I would be paying the home loan. Is there a way I can claim the tax benefit of paying my wife’s home loan. If yes what would be the process?

  42. akhil says:

    I need a sum of 4 lacs for personal purpose and saving in tax.pls suggest which loan to take except home loan.

  43. Rahul says:

    Dear sir
    I have purchase a new home with co-applicant(my wife).
    Presently with my old home loan i am tacking Tax benefit under section 24 and under section 80c. Now i purchased new house so my query is
    1) is it possible to claim tax benefit for new house as well old house in both under section 24 and section 80c, if yes then total how much benefit i will under section 24 and 80c?
    2) now my wife is co-applicant whether she will also get the Tax benefit along with me under section 24 and 80C.

  44. Dhananjay Bhamare says:

    Hi Abhi,

    Under Section 80 C you can claim principle amount to the extent of Rs One lakh provided the possession of property should be given to buyer. In other words you can start claiming deduction for principle repayment from the financial year in which possession of property is given.
    However benefit of Interest portion u/s 24, you need to accumulate all interest payment till the financial year before the year in which you get the possession of property and same can be claim in five equal installments from the year of possession of property, provided the benefit of Total Interest i.e. 1/5th of Accumulated Interest and Current year Interest is up to Rs 150000.
    In your case if the possession of house property is expected in the FY 2016, then you can claim Deduction u/s 80 C from the FY 2016-17. Whatever interest portion you have been paying till FY 2014-15 can claim in five equal installmets ie From FY 2016-17 to 2020-21.

    Hope your doubts would be clear.

  45. Abhi says:

    I Pay EMI of 18K Per Month for home loan, but home loan possession is pending for 2016.

    Can i take tax relaxation of prinical repayment under 80C without geeting possession of the house .

    Please clarify !!!

  46. Abhi says:

    I Pay EMI of 18K Per Month for home loan, but home loan possession is pending for 2016.

    Can i take tax relaxation of prinical repayment under 80C without geeting possession of the house .

    Please clarify !!!

  47. SONU NARANG says:

    HLO/SIR
    I HAVE PURCHASED A HOME OF MY MOTHER NAME.I HAVE TAKEN SBI LOAN JOINT NAMES.
    MY MOTHER AND ME BROWER AND CO BRROWER.BUT MY MOTHER IS HOUSE WIFE.SHE IS NOT SUBMITTED THE ITR.THEREFOR I CLAIM FULL TAX BENFIT OF INTEREST AND PRINCIPAL AMOUNT.

  48. yogi says:

    Hi,

    I have a doubt regarding claiming tax benefit against housingdoing the repayment of the an. I am the coowner and Co borrower for it..

    I have received the ownership by gift deed. Inspite of that i am doing the repayment of outstanding loan.

    am I applicable to claim tax exemption?

  49. P K Rai says:

    Can I get tax benifit on bank loan for house renewation

  50. Dhananjay Bhamare says:

    My Question is can I claim stamp duty charges in case of resale property?

  51. P K Rai says:

    Kindly clarify that–
    Loan for flat renovation can be claim for Income Tax benefit on principal repayment and interest paid.

  52. ALOK says:

    I purchased first home in Mumbai in 2008, the home loan for this property was repaid in 2010. I occupy this home.
    in 2011 I purchased 2nd flat in Mumbai with a home loan, I have rented out this flat. I get Rs. 20K as rent and I pay EMI of Rs. 86K for this flat. I have currently only 1 home loan for the 2nd flat.
    I have 2 questions:
    1. What is the tax benefit I will get in this scenario?
    2. Someone has suggested me not to pay prepayment and take benefit of interest that I am paying for this home loan.
    Request your advice.
    Thanks

    ALok

  53. Ravi says:

    I purchased a flat and got possession in 2014 my parents live in the new flat and myself live at another location on rent which is around 40 kms from my new flat. can i get the benefit of home loan as well as rent paid for income tax rebate.

    Secondly during the purchase of the flat i had paid and vat and service tax can i get the refund if filed the return.

  54. Mohit says:

    Hi,
    I have booked a flat and paid the 20% of amount. Now i have got my wife’s name added as co-applicant to the same and jointly we are going to apply for housing loan. Can you please let me know do she need to show her share for 20% amount also to be eligible for equal share? Please reply.
    Thanks in advance.
    Regards

  55. pramod kumar sahu says:

    I have taken a home loan on both me and my wife’s name.
    The house is also registered in both of us names.
    But the Loan EMI is getting deducted only from my account.
    Is it a issue for my wife to claim tax befinits, being she is not paying EMI directly from her account.

  56. Rahul says:

    Dear Sandeep

    I had paid an interest of Rs 4,34,734/- on a flat before the possession. I got the possession in year 2011. Hence, I have been claiming the rebate on 20% of the total interest (Rs 86947/-) every year.

    Now, I had sold the flat in year Jan’ 2014. Can I still take the rebate of the remaining 20% of the interest paid before the possession of the flat?

    Regards
    Rahul

  57. Vikash says:

    Dear All,

    Its been 14-15 month I am having House loan and utilizing tax exemption u/s 80c and 24. Now I am planning to sell my property and will be closing my House loan, in this case I wanted to know is there any hidden rule which can force me to return my incometax exemption as I will be closing my loan within 1.5 year?

    Thanks,
    Vikash

  58. Mr. Arup Chowdhury says:

    Respected Sir,

    I and My mother(Co-borrower) jointly have taken a Home Loan from UBI for constructing house. The house is owned by my mother only. I am the first-applicant and my mother is co-applicant for the home loan. Can I get Tax benefit against the loan?

  59. Kiran says:

    Hi,

    I am paying home loan EMI from Feb-2014 for under construction property, Possession will be Dec-2014.

    Can I claim Tax Exemption for FY 2014-15 ? If Yes, Can I claim exemption from April-2014 EMI ?

  60. sandeep gupta says:

    Sir,
    I am payling 7K per month as rent and my hoam loan EMI is starting from May 14 possession will be given to me next year. Can I claim HRA, and tax benefits on hoam loan. Please clarify. and also suggest how I can save my tax in effective way

  61. kanupriya kharbanda says:

    I had given my provisional tax certificate of home loan for income tax computing….but now when I got the final certificate the interest part is lower in that….the principle is already occupied with 1 lakh so what will happen….will I have to pay more tax on the difference between interest in provisional certificate nd final certificate. …plz answer

  62. Sheshadri says:

    Hi

    I have rented my 1st house for 8k/pm with no loan. I reside in my 2nd house having 29L bank loan. My gross income is 12L/pa. Can I claim tax rebate on 29L home loan on my 2nd house showing additional income from 1st house..?

    pl clarify and help me out.

  63. Ankit says:

    I have purchased a home on name of my wife and have taken loan on my name and my wife jointly. Can i take Income Tax Deduction ?

  64. Ganny says:

    Hi,

    I own a house and iam enjoying the IT benefits through home loan.
    My wife is working and if i buy one house through loan on my wife’s name can she enjoy the same IT benefits.
    Or is there any rules that this second property will not have any home load IT benefits?

    Kindly advice

  65. Jigar says:

    I have recently purchased a new flat. This property is jointly owned by me & my wife as co-owners. We both are salaried professionals & have taken a joint loan for this property as co-borrowers.

    I already own a house in my name (first floor of my parents house) where we presently reside & will be living in future as well. I had taken a loan for the construction of house for this first floor on which i had claimed exemption and loan has been closed in year 2013.

    The new property under discussion will be Second property in my name & First in my wife’s name.

    Now the question here is, with above situtation what is the max. deduction of interest under section 24 and on principal under 80(c) we both individually be able to claim.

  66. Pradnya says:

    I want to ask you that, if i plan to buy a house by raising loans from Co-operative Bank (means Patpedhi Bank).Will I be eligible for tax benefit from all sources?
    kindly give me reply.

  67. ramesh pinjan says:

    Sir i have refund my housing loan in 2013 fincial year amount is 559000 (interest+principal) my interest is 282000 and i am clame cumilitive interest every year can i get tax benifit on interest amount this year

  68. karthik says:

    I have taken a housing loan. The property is in name of my father and I am the only son. I am the applicant of housing loan and my father is the coapplicant and am paying the complete EMI for the house. The house is self occupied by me and my father.Sale deed does not comprise of my name.

    My company is not accepting it for Housing Loan exemption for income tax since I am not the owner.so I am showing HRA for tax exemption.

    My question is while filing IT return ,whether I can bring HRA as a taxable one and bring my housing loan for exemption and apply for refund.
    (Can I claim tax benefit on under 80C (Principal) and Interest can be claimed as a deduction under Section 24. claim up to Rs. 150,000 or the actual interest repaid whichever is lower).

  69. k.c.chaueby says:

    sir
    i purchased a plot in my wife name and i am constructing house in the same plot by taking a home loan .am i eligible for tax benefit.

    My wife is not having any individual source of income. As per sentimental issue i purchased the land in my wife name.

  70. R. Ramesh says:

    I have taken a house loan for purchasing residential Flat in my wife name. In respect of loan she is an applicant and I am a co-applicant. I am paying 100% of the loan installments. Am I eligible for tax deductions under sec 80c & sec 24 since my wife is house wife.

    Awaiting a reply,

  71. Prashant says:

    I have taken two housing loans for same property 1 under Home entity loan and other for Improvement and renovation purpose , Am i eligible to claim interest and principal exemption on both the loans in my incometax Kindly suggest

  72. Amey Kanekar says:

    without possession, tax benefits can’t be applied (interest & principal) ???

  73. Sujoy says:

    Q1. For a loan in joint name, husband & wife, both in service, shall we repay loan (EMI) in any ratio that suits our salary?
    Q2. In that case, either two ECS/cheques from both persons for each EMI are required or can we repay single ECS/cheque from one as per requirement all through the year(say in alternate months for 50:50 sharing; 8 + 4 in case of 2:1 sharing)?
    Q3. Shall the bank/financial institution issue separate CERTIFICATE to both of us?

  74. ALOK JHA says:

    I purchased a flat in May,2013 with a home loan of Rs 20 Lakhs and paid pre EMI interest till Feb14 amounting to Rs 140000.I got possession of my Flat in Feb14 and paid first EMI in Mar14 of Rs 20000 consisting of Rs17500 as interest and Rs2500 as premium.Please suggest me the tax benefits that I may avail in detail.

  75. joseph says:

    I have taken a house loan for construction of a residential house in a plot in the name of my father. Though he is a co-borrower, I am paying 100% of the loan instalments. Am I eligible for tax deductions under sec 80c & sec 24 since I am constructing the house on my fathers property.

    Awaiting a reply,

    Regards

  76. Sharad says:

    I own a housein Mumbai and I have been staying there.I do not have any loan on it. Can I buy a second house and can claim IT benefit on it.Can I buy a second house in Bangalore

  77. Gangadharan says:

    hi sir,

    house property is both husband and wife name and loan taken also both names. can both get IT exemption for the interest Rs. 1,50,000/- or not? if any govt. order or circular no available please give me.

  78. JK Grover says:

    What is the procedure for the interest paid on home loan on prevous year i,e interest paid on the home loan in year 2011-12 and 2012-13. I got the possession in current year 2013-14 and EMI is also started wef May 2013.
    An early reply is requested since the year ia already on the completion.
    Regards
    JK Grover

  79. Gaurav Arora says:

    Hi,

    I have taken the home loan for renovation in January 2013 and i am continuously paying EMIs. But the property is on the name of my father, Who is no more in the world.

    My query is that I have shown all the necessary documents i.e. (EMI statements from Bank, interest certificate etc.). However, My company CA is asking for my ownership proof/possession proof for tax exemptions. I don’t have any such type document.

    Please let me know what is the alternative solution for the same to get the tax benefit in favor of me.

    Regards,

    Gaurav Arora

  80. Rakesh says:

    if two home term loan on single home can i take profit of interest and principal rebate u/S 24(b).

  81. bhuvan says:

    I am planning to buy a house in my native, while I will be living in some other city. I will be renting that house.

    Does the complete interest paid by me becomes non-taxable income?

    Thanks!

  82. Mathru Prasad says:

    To claim Income tax exemptions on Home Loan, Is there the maximum time limit, within which the total loan has to be availed and the time limit within which the house has to be completed ?

  83. ravi sankar says:

    sir
    i purchased a plot in my wife name by taking a loan from employee society (purpose mentioned as house purchase) and i am constructing house in the same plot by taking a personal loan(purpose mentioned as house construction)am i eligible for sec 24 concession.

    My wife is not having any individual source of income. As per sentimental issue i purchased the land in my wife name.

    Can you reply to my request by today as 5th march is the last day for submitting the data to my company.

  84. Amit Kumar says:

    Dear Sir,
    My wife has been gifted a plot by her mother. I am constructing a house but she is house wife not an earning member. The home loan is on both names where as I will pay complete EMI.
    Question 1- Can I claim tax benefit u/s 80C.
    Question 2- Can I Claim tax benefit u/s 24.

  85. Neelgagan verma says:

    Hi,
    I purchased one builder flat in ghaziabad.I have the registery of my flat but don’t have any possesion kind of letter.My office accound said to avail house loan exeption on income tax you will required a possession letter not registry.
    Kindly let me know what documents are required for the same.

  86. rakesh says:

    i took a loan from sbi in jan 2011 to purchase a yet to-be constructed property. i have been paying EMI since feb 2011. the tentative date of possession is jan 2015. what are the tax benefits that i can claim and from when? thanks

  87. Akshay says:

    My freind has purchased a Flat in Joint name with his wife with Bank Loan. Currently freind and his wife are stay in company accommodation provided to my Freind for which compay charges Rent Perquisite. My freind and his wife Rented out their flat, please guide on following points
    1.Flat is Rented out and Both are getting Rent equelly since October 2013
    2.Both are contributing Loan EMI
    3. Both are salariid persons
    4 Whether Loss on house property can be set off against Salary income, since there is loss on account of Rented out only for 6 months
    5 Total Interest out go on account of Housing Loan during Currnt year is Rs 312000/-
    6 Both are getting Monthly Rent of Rs.16100/- each from October 2013

  88. Devi Kala says:

    I and my husband took two housing loans jointly,a total of 29,oo,ooo.He claimed 50% of interest of Ist housing loan only. can I claim 50% of Ist housing loan and 100% of second housing loan for tax rebate of 2014-2015

  89. Nisith says:

    I have taken a house building loan from registered co-operative society. Can I get income tax rebate? Pls reply

  90. Sagar Mashalkar says:

    Dear Sir,
    I have a home loan in which I am a borrower & my father is co-borrower. However, the owner of the property is me only & the total EMI amount is paid by me. What is the total income tax exemption that I can avail of ? And what proof i will have to produce to avail the same?

  91. Vinay Singal says:

    Can I claim principle amount of my home loan under section 80C even if I didn’t get the possession yet?

  92. MANISH says:

    Dear Sir,

    I am living in my parent’s house and paying rent to my mother. In addition, I also bought another house in same vicinity and took home loan for same. The house was ready to move in. But some renovation is going on, so due to this I am still on rent in my mothers house.
    Can I claim HRA, deduction for principle payment and Interest benefit under section 24?

    Thanks in advance

  93. D.K.KAUSHIK says:

    1.An official living in govt. quarter in delhi and paying home loan emi for flat in Gugoan(haryana)that is locked and not rented. CAN he claim the tax benefit on housing loan EMI

    2.An official living in rented house in delhi and paying home loan emi for flat in Gugoan(haryana)that is locked and not rented. CAN he claim the tax benefit on housing loan EMI and HRA rebate on rent paid
    thanks
    DKKAUSHIK

  94. Anil Kumar says:

    Sir, I had taken HBA in 2011-12 for ongoing projects of RPS Savana. Till date I have not got offered from the builders. One of my friends told me that exemption of Rs. 150000/- on account of interest is only possible if the builder would offered me the possession in the financial year 2014-2015 otherwise only deduction upto Rs. 30000/- can be claimed.

  95. A.Rajagopal says:

    My daughter had a housing loan in her name before marriage. The property is also only in her name. She was employed before marriage and was claimimng exemption.
    Now she got married and after marriage only her husband is repaying the loan and she is only house wife.
    Whether her husband can claim exemption? Some say the property should be owned by both and the husband should be made co owner. some say the husband should be made co borrower in bank loan.
    Please clarify me.

    A.Rajagopal

  96. Divesh says:

    Hello,

    I took a home loan and my wife is co-borrower. I have registered the property on my wife’s name but the EMI gets deduct from my salary account and in bank also i am the main borrower, when i submit the interset certificate my company says that that the property is not on my name. Can anyone please show me the way.

  97. Rajiv Gupta says:

    Sir,

    My query is if the property is in my mother’s name and emi is being paid by me as my mother is not working. Then in that case can i claim for tax benefits under section 80C & 24b.

  98. sunil says:

    Sir,

    I book a flat in Jan 2013 and opted Home Loan from SBI , EMI also start from April 2013. But I will get the possion in the month May 2014. My question is can i get tax benfit on EMI paid by me till date.
    Please confirm

    Thanks
    Sunil

  99. R.Senthilprabhu says:

    Sir, I have a query regarding the housing loan. Myself and wife are co owners & co borrowers of the property. We are living in that house. We have paid 4lacs as interest in the year 2013-14. Full EMI is paid by my wife. How much can we get deduction under sec 24(b).Are both of us eligible for 1.5 lacs deduction individually

  100. zalak thakker says:

    Hi,

    If house is underconstrction how much can i cliam u/s 80c and sec 24 ( loan taken on 1-5-2010) what is tax implication .

  101. grover says:

    Recently I have taken a loan for ICICI to purshcase a land at DLF for 30,00,000
    I am not getting the income tax benefit(Sec 24) for the Interest I pay , since the bank says “it
    is a land loan”

    Can i show this property as a second property and can get the income tax benefit(for the interest
    I pay )(since the interest is a loss).
    My first property is rented up and is shown in the income tax books

  102. vasant panchal says:

    Dear Sir,

    I purchase new home on Dec-2012 and taken loan for same, my income tax declaration same claim of my home loan but till date my home not hand ver to me, and i live on home rent in same city, can i claim both Home loan and Home rent in my 2013-14 Income tax declaration, please suggest,

  103. SRINIVASAN K says:

    I have a doubt to be clarified on the following point : A flat was purchased in the name of both husband and wife by availing joint loan from the bank. Both are employed in Govt organisation and are income tax assesses. There is no sharing agreement between them in respect of repayment of principal and interest EMI. Now, the husband gives a declaration that his spouse though income tax assesse, is not willing to claim rebate on interest on housing loan and she gives no objection to her spouse in claiming 100 percent rebate on both interest and principal on housing loan. whether 100 per cent rebate can be allowed to the husband based on the self declration by the wife. or else in the absence of any sharing agreement, it has to be claimed by both of them equally. please clarify

  104. Pankaj Katiyar says:

    Hi,

    I had taken a home loan in may 2008 for under construction property. Construction was completed in 2011 and I was offered possession by authority in 2011. But I got the registry done in August 2013, as no development was there in that area. I didn’t take tax benefit till now as in my company, they asked for possession letter. I am neither living in that house nor that is let out. It is vacant.
    My queries are
    1) As section 24 says “acquisition OR construction is completed”. Can I take interest benefit from last year also (AY 2013-14) as construction was completed and I have offer of possession but myself by choice didn’t take possession.
    2) If I take tax benefit for interest paid before possession (20% in each year for next 5 year), max limit is 150,000 or (150,000 for this year+20% of previous interest.).
    3 ) In case, if property is let out, then there is no limit of 150,000. Can we still take benefit of interest paid this year+20% of interest before possession?

    Thanks in advance.
    Pankaj

  105. nilesh pawar says:

    dear sir,
    i have 2 home loans running, 1 is for self occupied & other property which is not given on rent. in this situation can i get the tax benefit for the these 2 home loans? this two homes are in same city only.

    plz reply.

  106. sheetal says:

    I am residing at vileparle in rented house, near to my office at Bandra kurla complex & I have bought ready flat at thane.
    Can I claim for HRA & home loan interest.

  107. Prem Prakash says:

    Dear Sir
    I have purchased a plot on my wife and constructed a house but she is house wife not an earning member. The home loan is on both names where as i am paying complete EMI.
    Question 1- Can I claim tax benefit u/s 80C.
    Question 2- Can I Claim tax benefit u/s 24.

  108. Rajanesh says:

    Hi
    I have two home loans where both homes are given on rent. How much interest can I avail as IT exemption. Both these homes are jointly bought by me and my wife. currently we are staying in quarters offered by my wife’s employer. We are showing rent as our income. Please suggest

  109. sandeep beniwal says:

    I have purchased a plot on my wife and my mother name in equal part and constructed a house but both are housewife not an earning member.The home loan is on her names where as i am paying complete EMI.
    Question
    1.Can i claim tax benefit under section 80C.
    2.Can i claim tax benefit under section 24

  110. Gopal says:

    With the help of home loan, we have built a new house on our land, – I am a co-applicant along with my mother. The total EMI amount is paid by me. But the land is in my mother name. Am I eligible for tax benefits ? Please reply…

  111. Sangeeta says:

    I & My husband have taken a Housing loan Jointly .During the FY 2013-2014 Principle repayment is Rs 3,67,780 & Interest repayment is Rs 2,24,607.What will be the Tax benifit U/s 80 c & U/s 24 for both of us

  112. Kalyan says:

    Hello,

    I have co-borrowed a home loan with my mother but im not a co-owner for the home. Can i claim tax exemption on the joint home loan since my mom does not claim this tax benefit ???

  113. Charan says:

    I am planning to take a home loan in Feb/Mar-14 which is going to be <25 Lacs.(Total Value of the property is 28 Lacs)
    The possession of the house which is under construction now is Apr-2015.

    What are the tax benefits that I can get in the coming year (Apr-14 to Mar-15) ?

    Thanks in advance,
    Charan

  114. mahesh sheth says:

    sir.
    as posted and clarify regarding home loan what sort of agreement ( contents )to be entered on stamp paper of rs. 100/ will suffice? we have not mentioned percentage of holding of shares in agreement. now shall we enter in to simple agreement? the percentage are 60:40. we entered and registered the agreement in mat 2013 and possession taken on 27/01/2014. the loan instalment debited from my son account . the proportion of emi i transfer to his account. pl advice and guide. the contents of simple agreement , shall we both entitled to cliam tax benifit inthe proportion 60:40, hope quick reply. thanks mahesh sheth

  115. Ranganath says:

    hi

  116. zakir shaikh says:

    i have two home. one is given on rented. second one is under construction with housing loan. & i am living on rental basis with my parents.

    Can i get the benefit of HRA against Rent Paid, 80 C for principal & Int. Benefit upto Rs. 1.50 Lacs.

  117. pawan singla says:

    Whether the interest paid for pre-construction periiod which is available in 5 installments after completion of construction is in additional to Rs. 1,50,000 or no condition it should exceed Rs. 1,50,000.

  118. VINAY PATEL says:

    I have income from coaching classes rs
    210000/- & I invest in ppf , insurance rs. 30000/- .
    I want to know about professional tax? K ya muze professional tax bharna padega????
    Kyu ki meri income non taxable hai.
    please reply me by e mail.

  119. Hariprasad>P says:

    Sir
    I have taken a housing loan from SBI and my wife is guarantor .Can I apply for a certificate in favour of my wife for Income Tax deduction?
    Hariprasad.P

  120. Nilesh says:

    Hi, I and my mother are co-owner of a new flat and also co-applicant for the housing loan on the same. This flat can be considered as deemed to be let-out as we stay in another flat for which I am the owner and also have a housing loan on that. I independently do the repayment of the loan on the current flat where we stay and the loan taken on the new flat. The loan on the new flat is only for 50% of the flat cost. The rest 50% of the flat cost was paid by my mother from her corpus to the builder. What I understand is I can claim both principal (but I have actually exhausted the 80C limit) and interest (without the upper limit of 1,50,000). Can my mother also claim the Principal repayment done under her 80C?

  121. V Bajpai says:

    Sir,

    I had purchased a duplex in 2012 by opting house loan which is occupied by me and home loan rebet was availed upto 2009. Now I purchased second flat by availing house loan for 20 years. Loan interest is 2.30 lacs in the year 2013-14. and more than 1 lac is principal amount. My EMI is Rs. 22200/-. The flat is on rental basis. How much tax rebet can be availed by me.

    regards

    V. Bajpai

  122. NAWAL KISHORE says:

    I am residing in govt flat.I am also paying interest on HBA for another under construction building(flat).What ican avail income tax rebate on constructed flat?Pl. reply on my email id( nawalkishore_68@yahoo.co.in)

  123. rupali says:

    hi,
    feb 2013 I am purchasing a third home on loan for my brother. Me and my brother are co applicant of the said property. I am already taken a home loan benefits from my previously purchased two home loans, first home that i am using and second to be let out, taking a benefits on 80c and 24(b). And third home loan also a let out property.

    In this F.YEAR my 80c limit is full due to life insurance and principal of first home loan. my question is
    1. What is the limit of tax benefits in sec 24(b)?
    2. Can I take a second and third home loan interest benefit in sec 24(b)?
    3. In IT any taking tax benefits from third homeloan?

    please guide.

  124. Saurabh says:

    Sir,

    I have two Flats in Pune and I am working in Mumbai. My family is living in pune in our own flat ( New interest paid is Rs 403000). Another house I have rented out @ 10000/Month from Jun-13. 2 months it was vacant. Yearly interest in R s 76714 only. I am declaring -ve income of rs -337000 and also showing interest as Rs 479000/- to take advantage of 150000. Is this is OK.

  125. ANKUR SHARMA says:

    Dear Sir,
    I have a house property in jaipur on loan where my parents resides, and i am staying at mumbai in rented house for which i received form my employer. so now can i claim both HRA and Interest on Home Loan in my ITR
    Please give me suggestion.

  126. DHANANJAY KIRKOL says:

    can I get tax benefit on house renovation loan.

  127. Prem kumar sinha says:

    Dear Tax Guru,

    I have applied for a Home loan to make house .But the property(land) is in my wife’s name who is an housewife.So i am only a co-borrower for the applied loan.But the loan has been granted entirely based on my salary income.So will i be eligible for tax exemption against the principal amount and the interest paid against EMI’s paid?.

    Please sugest me on my mail ID. milty2812@yahoo.in
    Thanks.

  128. satish says:

    i had bought second home & occupied . first home given on rent. can i get tax benefit of deducting all interest paid for it.or
    can i declare first home as second toget tax exemption

  129. Ashvani Kumar says:

    I have taken joint home loan in FY 2013-14 with my wife (main applicant) and property is registered on both of our name, However I am re-paying entire EMI from my salary. During investment proof submission, my company says “Only if the main applicant is the company employee, the exemption under this provision of income tax would be provided to the employee at such % of loan repayment specified”. In my case I have specified 100% lean repayment by me. Does it mean I may not given any tax benefit?

  130. K S POULOSE says:

    Sir, My question is I have taken the house building adavance from my company in a lower rate of interest. and paying the principle amount and interest every month. At the time of income tax calculation the company is taking the interest difference with SBI to company as perks and the amount is adding to my income and calculating the tax accordingly. The company is not giving the exemption or rebate for the amount which paid as interest per annum. Is it right or wrong as per Income tax rule.

    thanks.

  131. surbhi says:

    My husband has taken a home loan.I am a co-owner with him but the EMI is paid by him only. will I be entitled to avail of the tax benefits?

  132. vaish says:

    My Husband has purchased a flat in Chennai in his name. I have taken loan in my name and i am paying the loan for that property. Can I claim the tax benefits as the home loan in my name, inspite of property is in my Husband’s name ?
    and What will be more beneficial from income tax point of view ?

    Please suggest.
    Thanks and regards

  133. Nilesh says:

    I and my mother are co-owner of a new flat and also co-applicant for the housing loan on the same. This flat can be considered as deemed to be let-out as we stay in another flat for which I am the owner and also have a housing loan on that. I independently do the repayment of the loan on the current flat where we stay and the loan taken on the new flat. The loan on the new flat is only for 50% of the flat cost. The rest 50% of the flat cost was paid by my mother from her corpus to the builder. What I understand is I can claim both principal (but I have actually exhausted the 80C limit) and interest (without the upper limit of 1,50,000). Can my mother also claim the Principal repayment done under her 80C?

  134. gangaiseelan says:

    i have home loan with sundaram bnp home. this year after aug’13 my home loan take over by sbi. how i produce provisional certificate this year. the sbi showing provivsional certicate amoutn is sep’13 to mar’14.

  135. R U CHOUDHARY says:

    Sir,
    I took a housing loan from central Govt., and I have to pay back the principal amount in 140 installments first and then the installments on interest amount will be fixed by the office and paid by me. Till now I have paid 70 installments of principal amount and had been getting notional tax benefit as well. As of now I have been transferred to another office where I have been refused tax rebate interest on housing loan by saying that since I am not paying interest amount I am not entitled to get the tax rebate on it. What does the rule say ? Kindly confirm who is right.
    R. U. Choudhary,

  136. Amit Malik says:

    I have purchased a plot on name of my wife and have taken loan of rs. 16 lakhs on my name co borrower. Can i take Income Tax Deduction ?

  137. Kisholoy Ghosh says:

    Hi Sir,
    Me and my wife both are owner & co-owner of the flat. We have taken joint home loan from LIC. But EMI is deducting from my saving account. How can we both claim 50% income tax benefit. Lic is giving only one joint certificate.

  138. ram kishore khati says:

    I have purchased a home on name of my wife and have taken loan on my name. Can i take Income Tax Deduction ?

  139. Ajai Katiyar says:

    have purchased a home on name of my wife and have taken loan on my name. Can i take Income Tax Deduction ?

  140. Ajai Katiyar says:

    I have purchased a flat in LKO in my wife’s name and I want to take home loan in my name or jointly with my wife . My wife is a home maker. The cost of the property is about 36.0 Lacs

    a.I want to take loan from bank for Rs. 20.0 Lacs for 10 years and rest from my own resources.
    b. Can I claim the tax benefits as the home loan in my name, inspite of property is in my wife’s name ?
    c. What will be more beneficial from income tax point of view ?
    Please suggest.
    Thanks and regards

  141. Amit says:

    I am staying in a rented flat in an apartment and availing HRA benefit. Now I have just bought new flat in the same apartment with loan from SBI.

    If I will stay in the same rented flat and give my own flat on rent, can I get full HRA benefit as well as full tax deduction on interest paid(it is more than 4 lakhs) on loan. With this i may save 10K per month. There is a confusion as my owned property is in same locality where i will be staying on rent. I want to know actual income tax rules as i don’t want any harassment from IT deptt in future.

    Please suggest.

  142. S DORABABU says:

    Dear Sir,

    I am requesting you to clarify the tax benifit on intrest componet against HBA rebate on two property.Details are follows:
    01) I have one flat for which I am getting tax benifit up to 90,000.00 as per section 24 and this was rented.
    02) I have purchaged a plot to construct a individual building by using bank loan for which I am paying 1,20,000.00 intrest yearly.presently I have not claimed the intrest component under section 24 to full avail the limit Rs 150000.00 along with the first property.Building construction not yet started but property registration completed on my name.

    Hence,please advise me Can I get benifited the balance tax on intrest component up to 1.50lachs which is less claim by first property with the use of 2nd property.

    Regards

    S.DORABABU

  143. Woode Financial Services says:

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  144. mahesh says:

    Hello sir, I have taken home loan with my brother. but deduction of loan amount is from my brothers account. Am I eligible for tax benefits? As per my Accountant I can get tax benefits but not currently, I need to claim in end of the year to tax department, is this right?

  145. bhushan verma says:

    My house is in my Wife’s name , home loan is on name of both me and my wife , she is a house wife .
    Since house is in her name i am not able to avial tax benefit .

    will i get tax expemtion if i get Power of attorney for house

  146. Pritam jape says:

    I applied for the home loan, in which wife is co-applicant.
    house is in her name.
    can i avail the text benefit u/s 24 and 80c

  147. Nirupam Chatterjee says:

    I have purchased a residential plot from a developer in instalment. Can I take the income tax benifit of my EMI?

    Regards

    Nirupam Chatterjee

  148. Sujith says:

    Sir,
    Property is in my wife name. we have taken a home loan where we both are the borrowers of the loan. Wife is home maker.
    - Can i claim for income tax exemption ?

    Please reply to my mail id.

    Please respond….

    Thanks a lot

  149. Kiran Kumar says:

    My mother had availed housing loan, she was a house-wife. Now she is deceased. I am paying loan EMI. Can I claim exemption under Income Tax Act., for loan repayment?

  150. Jignesh Dave says:

    Dear Sir ;

    I have taken a home loan before 2.5 years for a flat. Recently I have sold the flat and repay the bank home loan. In that situation how much principal amount and interest amount can I get for saving purpose in current year?

    Plz. reply.

  151. Girish Kumar Nim says:

    Hello sir,

    Sir, I am a Railway Employee and purchased a flat by dual mortgage by taking loan from Office and HDFC. Sir, for HBA form office i have paid all principal amount and not taken rebate on accrued Interest which is now being paid through my salary since April’2013. Simultaneously payment made against HDFC loan I have avail rebate on the Interest actually paid to HDFC.

    In above circumstance kindly advise whether I can claim rebate on the Interest on actually being paid to my office through my salary after payment of principal amount as well as principal and Interest being paid to HDFC.

    Kindly advise the policy/rule of Income Tax Dept. thereon.

    Thanking you

  152. S Chowdhury says:

    I have a query which is like this

    I have two houses and both are on rent.

    For both the houses, home loans are still on and I am claiming tax benefit for both of them.

    Now, if I take a third home loan and put the house on rent then do I get any tax benefit especially on interest component of the third home loan?

    Kindly respond

  153. Yashoda Sah says:

    Hello sir
    We have a plot, which is registered in the name of my mother-in-law name.and we are living together in a rent house.
    My question is
    That me n my husband want to take home loan for the construction of house in that plot. Will we both get income tax advantage separately when owner of that plot is my mother-in-law.
    My second question is, for taking income tax advantage in home loan if it is necessary we have to become owner of the plot. For getting ownership what will we do.please suggest
    Thank you
    Yashoda Sah

  154. yashu patwal says:

    He ll o sir
    I have a question
    1- we have to a property (plot) which is register to my mother in law name. we are living in rent.
    .Me n my husband is doing a gov job. And want to take a home loan jointly. Will we get advantage in income tax both for a house loan Separately.
    2- if we have to become a owner of the Plot jointly(me n my husband) before getting Advantage in income tax then is it necessarily we have To do regestery of plot in our name.
    Thank you

  155. ved says:

    dear sir,
    i have purchased a flat on my name (my wife is not co-owner). me and wife borrowed loan jointly. she is main borrower and i am Co-borrower in said loan. we are paying EMI’s from Joint bank account of us. we both are government employees. my questions are as follows :
    1. can we both take tax benefit of Sec. 24 and 80C of Income tax.
    2. in what ratio should we claim.
    3. as i am sole owner of flat can she avail benefit in equal ratio or higher.

    please reply.

  156. praveen says:

    Please reply to my posting done on 7.8.13.

    Thanks

  157. venkataachalam says:

    We have taken a loan for under construction property in December 2009. till now the property is under construction. Pls let me know whether we can calim the benefit of interest payment as deduction after receipt of completion certificate. Since this property has taken more than 3 years , how may years interest can be claimed and what wiould be the maximum limit of deduction allowed.

  158. Upendra says:

    Property is in my wife’s name and home loan is in my name:

    a. Can I claim the tax benefits as the home loan is in my name, inspite of property is in my wife’s name ?

    b. If the property if let out, income from property shall be added to my wife or mine income?

    Please respond.

  159. Biswakam says:

    Hi
    I and my wife are co-owner of the house we recently bought; she is also co-applicant for the home loan. But I am paying the whole EMI for the loan. Will she be able to show the Interest Paid (24) and Principal Component (80C) to get tax benefit?

    Thank you in advance for your advice.

  160. Praveen says:

    Property is in my wife name. we have taken a home loan where we both are the borrowers of the loan. we have let out the said property. pls clarify ;
    1. can we both take the tax benefit in our individual IT returns.
    2. how should we show the rental income. i.e. in whose returns the income should we consider.
    3. presently EMI is being paid from my bank account.
    4. we can convert the ECS to our joint account if required.

    Please reply to my mail id.

    Thanks a lot

  161. Gyaneshwar says:

    Sir, I am taken housing loan from CBI,Ajmer of Rs.9,20,000/- eight months ago for 10 years. Sir my interest I think near about Rs. 80,000/- annual and I paid Rs.12,500 per month as EMI. How much I take benefit from income tax and how? Please suggest me how much amount I can more take from bank so that I can reach upto the rebate of Income Tax

  162. Amar Nath Thakur says:

    Property is in my wife’s name and home loan is in my name. My wife is a home maker.

    a. Can I claim the tax benefits as the home loan is in my name, inspite of property is in my wife’s name ?

    b. If I can claim the tax benefit, can I claim the refund while I file the returns next year ?

    c. In my company they rejected stating property should also be in my name and hence i’m not getting the tax benefits as they deduct TDS. Is this correct ?

    Please respond.

  163. Sarjana says:

    Being a co-applicant and wife of the owner am I elgible for obtaining dedcution on home loan interest ?

  164. Sarjana says:

    Hi,

    We have taken a loan for under construction property in December 2009. till now the property is under construction. Pls let me know whether we can calim the benefit of interest payment as deduction after receipt of completion certificate. Since this property has taken more than 3 years , how may years interest can be claimed and what wiould be the maximum limit of deduction allowed.

  165. Ravi says:

    Property is in my wife’s name and home loan is in my name. My wife is a home maker.

    a. Can I claim the tax benefits as the home loan is in my name, inspite of property is in my wife’s name ?

    b. If I can claim the tax benefit, can I claim the refund while I file the returns next year ?

    c. In my company they rejected stating property should also be in my name and hence i’m not getting the tax benefits as they deduct TDS. Is this correct ?

    Please respond.

  166. pawan says:

    Dear Sir,

    I have two houses. From one i am getting rent and was purchased out of my own sources and i am not claiming any tax benefit.

    from the other i am claiming interest and principal benefit amounting to rs. 1.5 lakha and 1.00 lakh respectively.

    how these entries will be entered in itr 1 kindly advise.

    pavan

  167. rajesh says:

    Dear Sir,
    I have a self occupied house.I’ve purchased another house which is under construction for which I’ve taken a home loan in 2012. This is my first home loan. I’ve not take any loan for the self occupied house.can i claim tax deduction on the interest and principal for assessment year 2013-2014. I’ve not received the possession of the second house yet.

    Awaiting for a response.

    thanks.

  168. raghavendar says:

    Sir I have taken Joint home loan(SBI SURAKSHIT HL) with my mother in Jan 2013. the property is on her name. We both are salaried persons. her income doesn’t come under tax slab. i have paid 8000/- as part of home loan interest till Apr 2013.

    I want to know how much i can get tax rebate.

  169. shaban says:

    Dear Sir
    I had a bank loan for a flat (in Navi Mumbai) in which I am living and now have purchased another flat which is under construction in Navi Mumbai. I am getting tax benefits on interest and principal of the flat I am living in. Can I also get tax benefit on the flat under cosntruction? I am paying the EMI of the flat under construction.
    thank you.
    shaban

  170. RICHARD JONAH says:

    HI.. PRESENTLY LIVING IN MY PARENTS HOUSE AND I HAVE PURCHASED NEW HOUSE ON MY NAME THROUGH HOME LOAN…CAN CLAM PAYMENT ON INTREST AND PRINCIPAL AMOUNT?

  171. Rajeev says:

    Dear Sir,

    Me and my wife both have separate home loans for two different properties. In my flat she is not a co-owner and in her flat I am not a co-owner. However, in her home loan account I am a co-applicant and in my home loan account she is a co-applicant. We both pay interest on home loan more than 2.5 lacs every year. Is it possible that:

    1. I claim a portion of her Home loan which is in excess of 1.5 lacs, as my 2nd home loan. For example, suppose her yearly interest is 2.5 lacs. She claims 1.5 lacs(max. limit) and I claim 1 lac as my 2nd home loan.
    2. And vice-versa for her i.e. she claims a portion of my home loan in excess of 1.5 lacs claimed by me, as her 2nd home loan.

    Thanks for your response.

  172. jagan says:

    Hello,

    I had purchased a property last year. The property is registered solely in my name. The housing loan for the same has been taken with my father’s name as the main applicant and my name as the co-applicant. Will my father be able to claim the income tax benefit, given that he is not a co-owner of the property ?

    Regards
    Jagan

  173. Johnkennedy says:

    Dec-12 I have purchased aflat and taken loan from LICHFL. My wife’s name as co applicant and resigistredin our name. My wife do not have pan card and her salary is below the income tax limit. Housing loan EMI is paying from my bank account.Can I claim tax benefit 100% for principal and interest part for the financial year 2012-13. EMI is 25568/- month.

    Thank you in advanc.

  174. Vinay says:

    Hi,

    I had taken a home loan of Rs. 4800000 in the year 2008 for a property in Ghaziabad. I am currently living in Bangalore in a rented accomodation. How much income tax rebate can i claim on interest and principal paid against the home loan?

    Thanks a ton in advance.
    Vinay

  175. Tejasva Deshmukh says:

    I have taken a joint home loan but the house is on my single name, how can i claim deduction under house property and under section 80C

  176. uttam says:

    Dear sir,

    MY first disbursement starts in Sept 2010.. & till march 2011 I paid 52000 as pre EMI. I got possession in in Nov 11. Till the time of from April 11 to Nov 11 I paid @100000 as interest.
    Question=
    1. So If I have to take the facility of availing the Pre EMI in 5 equal instalment in coming 5 financial years from . then the amount will be 52000/5 or (52000+100000)/5?
    2. This facility can be taken from FY 12-13 or from 11-12 ?

  177. ArunP C says:

    Hi,
    I have a housing loan in which my mom is co-applicant. The property is in my mom’s name, and not in my name. Am I eligible for tax benefit, in this case ?
    Any reply will be appreciated, because we need to submit Form16 by end of this month…

    Thank you very much
    Arun PC

  178. Prashant S says:

    Dear Sir,
    I presently live in house which has been transfered to me by inheritance after my father’s death. Now I would like to purchase house at other city for that I am taking housing loan. Whether I am eligible to get all home loan benefits for income tax?

  179. Kashyap Shah says:

    I had purchased the home and i amd my mom are the co-applicant, my wife is not claming the tax deduction , can i claim the tax deduction

  180. YOGITA says:

    I HAVE HOME LOAN RS.16 LACS, I PAID PRE EMI INTEREST RS.75000/- AFTER THAT I PAID MY EMI AFTER CONSTRUCTION COMPLETED F.Y.11-12, F.Y.11-12 MY INTEREST ON HOUSING LOAN RS. 150000/- AND PRINCIPAL IS RS. 75000/- SO CAN I TAKE BENEFIT OF DEDUCTION OF PRE EMI INTEREST.

  181. ramesh says:

    i had a home and the balance amount to be paid is 2.50 lakhs.i want to close the same and to avail another loan for rupees 10 lakhs.i had 14 years service.my monthly salary is 95000/-rupees. i want to know whether i can claim income tax exemption for the new house loan.

  182. ram says:

    sir
    we have purchased a house.registry is of my mother`s name.in bank my mother is applicant & my father is co-applcant.all the EMI is going to paid by my father.So the query is ,is my father can get intax rebet.

    pls reply

  183. ramakant says:

    I am the central government employee. My eligibility from the salary for housing loan is approximately 23 -24 Lakhs. My wife has some business and her annual income is approximately 2.0 lakhs and her eligibility for housing loan is six lakhs ( combined eligibility is 30 Lacs)
    I am planing to purchase resale residential house for which i need 30 lac housing loan from the bank and bank is ready for sanctioning loan of 30 Lac.

    My question is
    1) For benefit of income tax rebate to both (Myself & wife), Kindly intimate whether I have to purchase the house in both the name.

    2) While purchasing of above said residential house/property, whether ratio of 80:20 for 24 Lac & 6 Lac should be maintained to claim income tax rebate for both.

    3) If the purchase will be only in my name, whether both of us can avail the Income tax benefit.

    4) Any further advice in this regard is welcomed.

    With kind regards,

    RS Bhandarkar

  184. Hina Singh says:

    HI,I WANT TAKE A HOME LAON BUT HOME NOT MY NAME THAT I WOULD GET ENTITLEMENT OF TAX REBATE.

  185. Abhijat Mukul says:

    I have started to repay my Home loan wherein possession of the house has been postponed by a year. What is my entitlement of Tax rebate.

  186. Gaurav Tiwari says:

    Hi,
    Am i eligible for tax benefit if I take loan against property for

    renovation purpose.

  187. Hardik says:

    I started home loan in 2011 and I got the possession in December 2012. I paid around 70,000 RS as an interest between Apr 2012 and Dec 2012 and paid around 35,000 RS as an interest between Dec 2012 and March 2013. How much I can display in section 24 while filing the income tax?

  188. Manish says:

    Hi,
    I understand that if the possession is delayed beyond 3 years, then we can claim only 30K as tax rebate of the home loan for a “self occupied property”. Does the same rule apply in case of second home where you claim a “leased out property” ?
    Or can i claim the entire interest amount for the home loan minus the rent realized?
    Please suggest.

    Thanks

  189. umesh Prasad Sah says:

    i have puschased a home and this is under construction and i will get possession on october-2013. please let me know what are the tax benifits i will get. i have taken the house loan on this. shall i get the tax benifits for which i paid in this finanacial year(from 1st April-2013-to-31st of march-,
    2014).

    Thanks and Regards
    Umesh Prasad Sah

  190. NARESH AGRAWAL TAX ADV says:

    DEAR SIR, THE CONCEPT TO CLAIM INTEREST AND REPAYMENT OF HOUSING LOAN BY JOINT OWNER INDIVIDUALLY RS.1.50 LAKH AND 1.00 LAKH IS SEEMS NOT CORRECT. IT SHOULD BE RESTRICTED TO THE EXTENT OF ABOVE FIGURE AND EACH CO-OWNER CAN CLAIM THE SAME IN THEIR SHARE RATIO. IF IT IS NOT CORRECT THEN PLEASE REPLY ME. THE HOUSE IS ONE AND BOTH HOW THE BOTH CO OWNER CAN CLAIM FULL AMOUNT IN THEIR INCOME TAX RETURN. ASSUMING THAT THERE ARE 6 CO OWNERS OF PROPERTY AND THEY HAVE TAKEN LOAN FOR ONE HOUSE HOW THEY CAN CLAIM REBATE FOR FULL AMOUNT IN THEIR INCOME TAX RETURN. PLEASE CLARIFY THE POSITION AND OBLIGE.

  191. Dr. Nikunj Gupta says:

    dear sir,
    i have taken a home loan with my mom and me… my mom is first applicant and second one is I. The property is owned by my mother. She does not have any income. I pay the whole EMI. how will i be able to get the incometax exemption.

  192. sanjay yadav says:

    dear sir,
    i have taken a home loan with my mom and me… my mom is first applicant and second one is I. The property is owned by my mother. She does not have any income. I pay the whole EMI. how will i be able to get the incometax exemption.

  193. SAMIR JANI says:

    I HAVE DESTROYED MY RESIDENCE HOUSE AND RECONSTRUCT IT WITH NEW PLAN FROM LOCAL AUTHORITY CAN I GATE THE BENEFIT OF HOUSING LOAN INTEREST & PRINCIPAL U/S. 24 AND 80 OF INCOME TAX. THE HOUSE IS IN THE NAME OF MY WIFE AS PER SALES DEED IF LOAN APPROVED IN BOTH NAME THEN I HAVE ALSO TAKE SAME BENEFIT IF 50% E.M.I PAID BY ME?. WE BOTH RESIDING IN THIS HOUSE.

    PLEASE REPLAY ME AT THE EARLIEST.

  194. MGVSridhar says:

    I have a house in Chennai,which is self occupied and I have cleared the loan last year.I have one flat gifted by my father in a town in Andhra pradesh.He is retired and stays in that house for which I have neither taken any loan ,nor i get any income from the house.Now i plan to buy another house in chennai to maximize the tax benefits.What amount am i eligible for the income tax benefits for this house under sec 24 and 80c.I would like to be a co-borrower and a Co-owner along with my wife, who is also employed.May be we plan to clear the loan in the ratio of 3:1.We plan to rent it out after purchase.
    Also, i would like to gift the existing house in chennai to my wife.We continue to stay there.Can i claim the HRA benefit also, apart from benefits under sec 24 and 80c as described above,for this house by showing rent receipts in my wife’s name?

  195. Dr.N.N.Chowdhury says:

    i have a home loan from SBI in my single name and getting tax deduction benefits, now I like to take another home loan jointly with my wife in another city. I like to know whether I shall get all deductions/benefits from Income Tax or my wife will be only benefited from this Joint loan. I like to get good advice from you Sir.

  196. jitendra says:

    I got possession of house in Feb13, so to get the rebate from benefits under 24(b) do I have to submit the revise return for 2012-13 or I can claim rebate on tax benefits in this year return. Pl advise

  197. ramesh kumbhare says:

    i have avail housing loan (home loan) Rs. 450000 in the year of 2000. i have also plan to additional construction Rs. 500000 at same property. please tell, will i get the income tax benifits rebate upto Rs. 100000 on EMI.

  198. Valay says:

    dear sir,
    i have taken a home loan with my mom and me… my mom is first applicant and second one is I. in property document both names are included. the EMI of loan paid by the joint account of us. then can i take advantage of tax benefit?

  199. taran says:

    Hi, I am having 3 home loans, out of which for first two i am claiming tax benefits, second being let out, using form 12-c, now can i claim tax benefit on third home loan also, same as second one which is on rent ?

    regards
    kingtaran

  200. Divas says:

    Hi,
    Following are my questions which are not cleared from above article:-

    Scenario: Me and My wife has taken home loan of 35 Lakh. Both are co-applicant on home loan as well as on property. House is currently under construction.

    Question 1:- As per IT act there is a upper limit of 1.5 Lakh on interest paid on the home loan under Section 24. So If we are not eligible on tax benefit during the construction period but we can take tax benefit for next five consecutive year for the 1/5th of total interest paid till possession. Now my question is that the upper limit of taking tax benefit will remain 1.5 Lakh or it will also go up proportionately??

    Question 2:- If EMI is deducting from my bank account then can my wife also avail the tax benefit or we need to open a Joint account and from that account we need to pay EMI?

    Question 3:- We both are co borrower for home loan and co applicant for Flat, but the ownership or loan % is not mentioned anywhere then is that means we both have equal share on home loan as well as on Flat?

    Please advise.

    Many Thanks

  201. Rajiv Sindhu says:

    Dear Sir
    I have taken Home Loan FROM HFCL. (21.5 Lakhs) Am co-applicant for Loan and am the installment paying every month. But house owner ship is on my wife name alone. Am just co applicant for home loan and 100% loan re payment is doing by me.. whether shall i get Home loan tax benefit.. am working under Govt. of India…?

  202. Rajiv Sindhu says:

    Dear Sir
    I have taken Home Loan FROM HFCL. (21.5 Lakhs). I am co-applicant for Loan and am the installment paying every month. But owner ship of house is on my wife name. Am just co applicant for home loan and 100% loan re payment is doing by me.. whether shall i get Home loan tax benefit.. am working under Govt. of Haryana…?

  203. Bhavani Thatha says:

    Hello Sir/Madam,

    Recently we have taken house loan to purchase a flat in Hyderabad.

    It is still under construction and we are staying in Rented house.The flat will hand over ed to us in next June 2014.

    Shall I get the tax benefit for loan principle amount and interest.As I am paying now Pre-EMI for the loan amount.How can I claim the amount.

    Kindly help me in declaring properly for house rent and loan amount.

    With Regards

  204. Bhavani Thatha says:

    Hello Sir/Madam,

    Recently we have taken house loan to purchase a flat in hyderabad.

    It is still under construction and we are staying in Rented house.

    That house will be hand over ed in next June 2014.so,Can we get the tax benefit for this house loan interest and principle amount.

    Kindly help me in on this.

  205. Abhishek says:

    I took home loan and house registration was on my father name can i get tax exemption and all the EMI are paid by me ?

  206. MadhuSudhan says:

    i took home loan and house registration was on my father name can i get tax exemption ?

  207. MadhuSudhan says:

    I took home loan and house registration was on my father name can i get tax exemption and all the EMI are paid by me ?

  208. EESH BHATIA says:

    I have a housing loan of 25 lacs taken last year, the same is having 3 coborrowers, me, my dad & my mom. Housing Loan EMI is paid by only me from my sallary account, but the property is on the name of my dad & my mom, My question is-
    1. Can i claim the interest under my ITR.
    2. If i can Claim, upto what interest is aplicable as it’s just the start of loan & i am paying of about 2.5 lacs of interest.

  209. Abhishek Ranjan says:

    I have purchased a home on name of my wife and loan is also on her name, Can me as well as my wife can get the tax exemption

  210. S K Arya says:

    I have take a loan of Rs.12 lacs for purchasing a plot in HUDA govt approved sector & i am paying the monthly instalment for this ,the instalment include both Premium as well as interest , As per Income tax exemption can i avail the benefit under section 80 C or Section 24 or any other section of income tax act for exemption ,
    please clerfy this on urgent basis.

    Thanks & regards.

  211. Praveen says:

    Hi,

    I bought a resale flat from a party in the month of Feb 2013 and have taken a home loan for the same. I am paying the EMI from March 2013 for the full loan amount disbursed at one shot. I am currently staying in this flat; however I have not taken a possession certificate for the same. Can I claim income tax exemption on the home loan without the possession certificate? If not, with whom should I claim the possession certificate? Is it the builder or the first owner of the flat? Is the possession certificate is mandatory to claim Income tax exemption?

  212. malhari says:

    Sir,

    i have a property at my native(solapur) where my parents are living. Home loan on that property is nill now. I am planning to purchase a property in hyderabad where i am living now. Can I get tax rebate on interest and principle for this property?

  213. ANURAG VARMA says:

    Me and My wife had purchased flat in joint name in Ghaziabad thru joint bank loan in yr 2004 and still paying EMIs from my salary account. Me and my wife had purchased another house in east delhi in 2012 thru joint bank loan and paying EMIs again from my salary account.
    I am living at west delhi in furnished rented accomodation and my family is living in Ghaziabad flat.
    Can I claim HRA tax benifit and loan repayment deduction of principal amount u/s 80c as well as interest repayment u/s 24 of income tax???
    pl guide..

  214. sunil says:

    we (me and my wife) have taken a property on both our names.but home loan has taken from my wife,s name now emi goes from our joint acount which is paid from my indivisual salary. can i taken rebate from that loan? pls suggest me. if my wife has no need to taken that type of rebate.

  215. P. Selvam says:

    Me and My wife purchased a home. My Wife is a Housewife. But Loan and House Property are joined. Whether I Can Avail my loan Interest and Principal fully. EMI is deducted my account only. If is ok kindly send the Income tax act and section for this.

  216. deepak says:

    I took loan in March-2012 and I am paying EMI from march-2012.
    Now in march-2013 I got the possession.
    Can I avail full Interest paid in this financial year itself or 20% Interest only will be considered for the tax benefit.

  217. Ajay says:

    Hi I have bought a resale flat from a party in Nov 2012 and have taken a home loan for the same. I am paying the EMI from Nov 2013 for the full loan amount disbursed at one shot. I am currently staying in this flat; however I have not taken a possession certificate for the same. Can I claim income tax exemption on the home loan without the possession certificate? If not, with whom should I claim the possession certificate? Is it the builder or the first owner of the flat from whom I purchased this flat?

  218. Kalyan says:

    Hi myself & My wife , both Govt. Employee, are co-borrower & Co-owner (Loan provided from Bank for purchase of land & House building construction). Pre-EMI interest has been started from Jan’2013 after obtaining Loan for purchasing land only & Construction is yet to start. This pre-EMI interest is being debitted from my A/c only. But the Bank has given certificate for interest for 2012-13 FY in the name of both.Whether I can claim tax benifit U/s 24 for the interest paid from Jan-March’2013? Whether my wife can claim also? What will be the limit for individual tax rebate for this FY 2012-13? For the next year can both of us share this rebate by sharing (by inclusion my wife’s name with my A/C)?

  219. Chetan Deshmukh says:

    Dear Sir,

    we are three co-owner of house my father, my Mother & Me. loan EMI is payed through my father account but my father retired now and we both want to take benefit (i.e. Me & my father )can we take 50:50 benefit of home loan?
    please guide me…

    Thank You,

    Chetan

  220. Sreejith says:

    have purchased a home on name of my wife and have taken loan jointly. Can i take Income Tax Deduction ?

  221. Sreejith says:

    My wife has a single storied house property. We are planning to built first floor. I am only the earning member and planning to take the home loan jointly. Can i get income tax deduction

  222. Harish says:

    dear sir

    I have own house and i have home loan on that house. Now i would like to go for purchasing site under house loan scheme. Bank has given 3 years time to construct the house. Can i avail the benifit of housing loan for tax benifit which i have taken for site but construction work is not at all started.

  223. Ayush says:

    Hi,
    I have two houses.
    1. One is an Apartment in which me and my family is living. I am the only owner of this house and have been claiming interest on housing loan for the past 9 years.

    2. The second is a flat which is under construction bought this(Done agreement with builder) year (2013 January). This is a joint ownership between me and my wife & I’m paying EMI. The housing loan is also Joint Loan. We are already paying the full EMI, even though the flat is in construction & posession is expected in December’2015.

    1. So, I’m claiming principal(Under 80C ) and 40000 Interest claim for income tax rebate against 1st flat.

    My question is Can I claim the housing loan interest rebate on 2nd flat over the next 5 years after posession / once the construction will be complete. Up to what amount (ON interest ) I can claim interest rebate, if i’ll show deemed to be let out or show as vacant.

    Thanks & Regards,
    Ayush

  224. swadesh says:

    PLEASE STOP PUTTING UP YOUR QUESTION. THE AUTHOR/WEBSITE DOES NOT ANSWER THE QUERY.

  225. M.K.Parmar says:

    Sir ,

    I have paid my Housing Loan with full interest in due course , in our Postal Department , 2 Percent Rebate is being given from the interest paid earlier towards Housing Loan if repayment is made without break. My department has granted me Rebate of Rs. 17000/- towards successful repayment of Housing Loan. But department has paid me this rebate amount by deducting Income Tex at Source. Sir , I wants to know whether Rebate PAID towards successful repayment of housing loan IS taxable , if yes than under which section of Income Tex Act .

  226. Geeta S says:

    Dear All,

    Just wanted to know whether Hsg Loan interest benifit under section 24 can be taken when the house is under construction – EMI is getting deducted – 1/5th part in the present fy yr ie…1,50,000 = 30,000 amt i section 24

  227. Sachin says:

    Dear Sandeep,
    I need to know if I can use long term capital gain (made by selling one plot) to clear the principal amount of the running home loan without paying any long term capital gain tax.

  228. mehul pandya says:

    Sir
    i bought a house only on my name in 2009 having home loan. the EMI is 14000/-. i occupied this flat with my parents. t took benefit of H.loan in IT. Now i transfered to other place. My parents is still leaving in that house. now i planning to buy new house on my and my wife,s name.the expected EMI will be 38000/-. i will take home load on both name and EMI deducted from joint account.my wife is also working.How we both can take maximume IT benefit from both properties.

  229. Sunil Kumar Mishra says:

    Can I take advantage of tax benefits from a home loan as well as claim House Rent Allowance (HRA) ? If i do not let out my own house on rent.

  230. h s chouhan says:

    I have bought a home and its registered on my mother name however I am the main and only applicant in the loan taken against the property and i am paying the loan on my own from my salaried account. Am I applicable to for the Income tax exemption.

  231. hem singh says:

    dear sir,

    I bought one proper in my home town Jaipur and currently working in Mumbai.

    I want to get registration benefit of 1% for that I have to register it only on the my mother or I can also apply as a coowner.

    also note my mother is not earning, so I have to pay all EMI’s.

    please let us know in both of the above cases I can get income tax benefit aswell?

    thanks

  232. laxmi narayan says:

    Sir,

    My wife planned to buy a house on her name but she was not eligible for the amount which we required .Hence to enhance the eligibility my salary also considered and we bought the loan. In this case Am i eligible for to get Income tax deduction kindly note i was only co borrower in my name property was not registered pl guide me

  233. D. Fliex says:

    I have a plot in the name of my wife. I am getting a loan for construction on this as guranter and will repay the full EMI from myself. Will I be entitled to get exemption in IT Act from my salary ?

  234. Mary Cherian says:

    My husband and I bought a plot of DTP approved land in our joint names and have got a house loan on it. We are planning to build a house there within 3 yrs as we were told that we can claim tax deduction only if we build in 3 yrs of taking the loan. Can I claim tax deduction for this house loan from now itself? or do I have to wait to claim only after the house is completed?

  235. Khan Saqib says:

    I need to know what if in case of co-owner(50:50), their interest comes to more then 1,50,000/- limit( i.e total interest comes to 4,00,000/-) then how it will be allocated to both of them. Please Reply.

  236. Soumen Das says:

    Dear Sir,

    I have constructed my house availing home loan and completed certificate given on February 2013, though i am paying emi for the principal amount since September 2012(total 7 installment), My question is September to January(5 installment) principal payment during construction will give me any benefit u/s 80c?

    Regards
    Soumen

  237. venkataachalam says:

    From Jan 2009, I took a housing loan to fund the purchase of an under-construction flat in coimbatore city . It is expected to be completed in FY13-14. I haven’t claimed any tax benefit so far. What happens to the loan instalments I have paid so far? Can they also be claimed for tax benefit? – See more at:

  238. KRITI RANI says:

    I stay in company leased flat. In place of getting my HRA Rs. 13000, my company pays 16000 as rent to my landlord directly. Same amount reflets in my IT calcualtion sheet as PERK but not HRA.
    Can i claim HRA rebate or some other kind of rebate. I am realizing that since 30%+ tax i am paying on this Perk

  239. ram ayodhya prasad says:

    I have taken House Building Advance (HBA)for construction of house from my office (Govt Department)principal amount of which has already been paid and now I am paying interest @ Rs.4168/-per month (on HBA). I also took (3 year earlier) Home Loan from LICHFL for purchase a flat at the same station and paying EMI. I am receing house rent from the first house which was lent on rent and was indicated as income from house property while computing for income tax.
    Sir, whther rebate will be allowed on interest paid against both the houses (HBA and EMI of LICHFL)for calculation of Income Tax. Please clarify, as my office is not considering rebate for both the interest paid by me though income from first house property (I am living in the flat) is taken for income tax calculation.

  240. k.srinivasan says:

    Myself and my spouse both are govt employees have purchased flat as joint owners and borrowed loan by my wife only and deduction of EMI is being made by the Bank through her individual account only and not thro joint account. She has given self declaration that she is not claiming tax exemption from her employer and in that case, shall I claim tax rebate on interest payout deducted through my wife’s account from my employer. If so, is there any limit upto which I can claim exemption on interest being the joint owner of the flat. Clarification is sought at the earliest to be of helpful to me for getting exemption this year itself. The flat has been completed one year back. In case of any further query u may rise, I am ready to part with you

  241. gagan says:

    I have purchased a plot for construction of new house, construction is not started yet and i haven’t takeen the full loan from the bank, can i take the income tax benefit on the interest paid by me.

  242. B K Tiwari says:

    As per IT, if one has two properties in his name then one is to be shown as Self occupied and another one is to shown as deemed rented though the another property is self occupied and deemed income is to be shown for IT purpose.

    My question is, if One property is in his name and another property is in JOINT name and his name is first then will it considered as two property considering first name OR One property in each name considering second name of joint owner.

    Please guide.

  243. Raghavendra says:

    Is housing loan taken on a single property from a bank and as well from relatives is eligible from tax exemption? . If yes, what is the format of certificate required for interest paid on housing loan from relatives. Is handwritten statement will be sufficient?? Please advise

  244. priyadarshi says:

    sir, my home loan was sanctioned in july 2008 and i got possession of the house in dec 2012. (3 years elapsed since loan was sanctioned. Please clarify if i am eligible to get interest element deducted from toal salary after the date of possession or it is restricted to Rs 30000 only

  245. Vijay says:

    I have a plot in the name of my wife. I am getting a loan for construction on this as guranter and will repay the full EMI from myself. Will I be entitled to get exemption in IT Act from my salary ?

  246. Venkatraj says:

    Following is the interest paid on the housing loan, competition of house is next month or in Apr-13
    Can I claim any rebate under income tax for current year.

    1-4-12 to 31-3-13- Rs.242622
    1-4-11 to 31-3-12 -Rs.20093

    Total Rs.262715/-

  247. kishor says:

    I TOOK HOME LOAN AND TAKING BENIFIT OF I.TAX.I AM STATE GOVT SERVENT. NOW I

    TAKEN `TOP-UP` LOAN FOR REPAIRS AND SOME NEW CONSTRUCTION.SIR, CAN I TAKE

    BENIFIT OF INTEREST AND PRINCIPAL AMT IN INCOME TAX.THANKS.

  248. Abhishek says:

    Dear Sir,

    I am in process of taking loan with my wife declared as the first applicant (as interest rate is lower if first applicant is a female) and me as the co-applicant.
    However, only my salary has been considered while deciding loan eligibility and I only would be paying the EMIs.

    So I just wanted to be sure that me not being the first applicant would not affect my tax relaxation?

    i.e. I could still show (even when I am the co-applicant)

    1) Rs. 100000 of Housing Loan Maximum limit under section 80C

    and

    2) Rs. 150000 of Interest on Home Loan under section-24.

    As my wife’s salary is not considered while deciding loan amount eligibility also only I am paying the EMIs so could I get the whole 100% of tax benefit in such case?

    Please help its really urgent towards making a decision.

    Thanks,
    Abhishek

  249. R.DHAMODARAN says:

    Sir

    I purchased a house at Kumbakonam ( TN ) towards housing loan in 1991. Recently I purchased another Flat at Chennai .Kumbakonam House is given for rent.Chennai is self occupied.
    A few questions please
    1.Can I get Tax exemptions on Interest and principals for both houses. If so how much
    2.I paid stamp duty for purchases of chennai flat. Is it exempted in tax exemption
    3.The rent nominal I am getting . How much I can show in my Income tax

    Please clarify

  250. DR. KULDEEP RAI MD {Paed}, WHO FELLOW says:

    Highly informative. Cleared doubts. All the co-owners & co-borrowers can take the double benefit of sec 24 & 80-C. Thanx a lot. Regards.

  251. Sumati Jain says:

    Dear Sir,
    I have purchased a home in the name of my wife and have taken loan in joint name.Can we both claim tax benefits

  252. Sumati Jain says:

    Dear Sir,
    I have purchased a home in the name of my wife and have taken loan in joint name.Can we both claim tax benefits

  253. S.SATHIESH KUMAR says:

    Dear sir

    Now i am working in export company,there is a eligible for income tax holder. I want purchase one flat my wife name,wife is working in private school there is no eligible for income tax
    My question is land purchase in my wife name ,But bank loan applying for my name. The EMI interests rates are taken from my income tax deduction please advise

    Thanks
    S.Sathiesh kumar

  254. Shereef says:

    I am residing in a house which was constructed 15 years back. Last year I have purchased a house with SBI loan. Me and wife are the co-owners and co-borrowers. If the interest repaid from our accout for the year 2012-13 is Rs. 2 Lakh , can we claim interest deduction u/s 24 in the proportion Rs 1.5 Lakh for me and Rs.0.5 Lakh for my wife. Please clarify

    Shereef

  255. Rajesh says:

    My brother had borrowed home load from HDFC. He & His wife are applicants. If I pay EMI for them can I get benefit for income tax benefit? Please clarify.

  256. Kamaljit says:

    I have taken hous loan with PNB and me and my wife is co-borrower but I am only and I am not working .And EMI is being paid by my wife only. In this case how She can avail tax benifit please reply my e-mail id. kamaljitpaul@yahoo.com

  257. Abhimanyu says:

    Hello Sir,
    I have taken joint housing loan and co-applicant is also co owner of flat.
    Can my co-applicant can tax take 100% tax exemption on loan principle and interest and can I take tax exemption on the flat registration stamp duty paid. Kindly also tell me documents need to be submitted by both.

  258. Balaji says:

    Dear Sir,

    I have taken a housing loan jointly with my wife and we are co owners of the property. She is not working and has no other income. The property has been let out for rent. The rent income has been given to her. My queries are:

    1. Can I claim the entire interest benefit for the property (with out deducting the rental income from the property). If not, what are the rules in claiming?
    2. Can she show the rental income and file tax income separately?

    Thanks

  259. Minal Patil says:

    We have purchased the home on the name of my husband (First name) & me (second name). My Husband is paying 100% of EMIs for this loan. Can I get the tax benefit after producing the certificate mentioning that we are co-borrowers for the loan from the housing loan company?

  260. Minal Patil says:

    We ahve purchased a home on the name of my husband(first name) & me (second name). My husband is paying the 100% of EMIs for this loan. Can I avail the tax benefit for the same on producing the certificate from the housing loan company?

  261. Md Vaquar says:

    Hi,

    I have bought a home and its registered on my mother name however I am the main applicant in the loan taken against the property and i am paying the loan on my own from my salaried account and my brother is the co applicant on the home loan. Recently I have submitted my IT proofs in my company but they rejected my home loan paper saying that the property should be on your name and you will not be given benefit of the same. I have bought this home in the year 2010 and have taken the IT benefit twice after that but I don’t know why they are not considering this year. Is there any change in the home loan policy in the Income tax exemption , if yes pls let me know the same.

  262. SAUDAGAR SINGH says:

    sir i have purchased a flat its registry with my wife’name and house loan also with my wife’name and i am co-applicant in loan my wife is a housewife and whole EMI paid by me can i claim all tax rebate

  263. atm says:

    Hello,

    My case is as below,
    1) I have an existing residential property in my name for which i am repaying the loan.
    2) I stay with my dad and pay rent to him as this place is near by my office which is in a city different from my residential property.
    3) Currently i am eligible for both claim (i.e. HRA + Housing loan benefit.)
    4) Now i have purchased a house . My Daddy First owner and I am co owner, Me and my dad both are borrower/co-borrower.
    My question are
    i) If i am paying the EMI will i be able to claim all the benefit
    (i.e. a) HRA as specified in point 2.
    b) Housing loan benefit for existing residential property.
    c) Housing loan benefit for newly purchased house as specified in point 4
    ).
    ii) If my dad pay full/partial EMI will he be able to claim the Housing loan benefit.

  264. Sunil Babu Deharia says:

    Hi, Me and my wife having a joint housing loan. for income tax benefit both of us can avail income tax exemption for interest of Rs.150000 individually? or the exemption will be only Rs.150000 and both of us have to share it? Please provide proper evidence from The Income Tax Act, as our HR is not convinced.

  265. anuj bansal says:

    Sir,
    I have purchased a floor in Faridabad in June,2009. The building is a two floor apartment and under construction by a builder and will get possetion by end of 2013. I am paying housing housing loan interest to PUNJAB NATIONAL BANK. Also I am staying in a rented house in FARIDABAD. My questions–
    1. Can I get income tax benefit for the interest paid in for the year 2012-2013?
    2.Can I also get the benefit of HRA rent being paid for this year under the above condition?
    Need your suggestion urgently.

  266. Shailesh says:

    Can deduction under section 24 from Salary Income up to Rs. 150000/- can be claimed for two different housing loans taken for two different house property located in same city ?

    and same way deduction under section 80 C for principal amount will available from salary income for these two different housing loans taken for two different house property located in same city ?

  267. sourav says:

    sir i am a railway employee and i have not taken a prior permission of purchasing a plot. my bill clerk is telling that if u r nt taken permission for purchasing a plot u will not get tax benefit on your home loan,now what to do

  268. gokul says:

    I have taken housing loan from SBI.Iam a PSU employee,My employer not ready to give income tax dedution( principle & interest).Can I claim while filling my return? If it is ok,Which form i have to fill ITR 1 /2

  269. SK Roy says:

    Sir,
    I have purchased a flat in Gurgaon in Feb,2012. The building is a mulitystory apartment and under construction by a builder and will get possetion by end of 2014. I am paying housing housing loan interest to LICHFL. Also I am staying in a rented house in Gurgaon. My questions–
    1. Can I get income tax benefit for the interest paid in for the year 2012-2013?
    2.Can I also get the benefit of HRA rent being paid for this year under the above condition?
    Need your suggestion urgently.

  270. Sushant Kumar Prusty says:

    I am going to apply for a housing loan by March 2013. But the house will be handed over to me by December 2014. Will i get the Income tax benefit? If i will get how much amount & will i get benefit on Principal or interest?

  271. Supriya says:

    Sir,
    I am the owner of an appartment (bought on March2012)under construction with my husband as the coapplicant. He has applied for a home loan and paying EMIS since May 2012 ( I being the coapplicant of the home loan). The flat is expected to be delivered by August 2013.Will my husband be elligible for Tax rebate on both principal and interest?
    Will admire your prompt response as otherwise we have to look on other tax saving instruments.

  272. V. R. THAKURDESAI says:

    Can we get deduction section 24, interest payment against housing loan and said loan taken from pat pedhi or pat sanstha ?

  273. Harish Kukreja says:

    Query ” In case, I buy a second flat on loan and rent out the same through Registered or Non-registered Agreement, can my employer grant me the benefit of reducing the interest payment for the year (based on bank’s certificate) from my salary and charge me lesser TDS . This can even be by adding the rental income for the period based on agreement.

    If the employer is authorised to reduce the above interest payment for rental flat like for Self Occupied flat, this will help me from the problem of cash flows and also problems associated with getting refunds from Income-tax Deptt”

    Kindly advise me.

  274. Dinesh says:

    Sir, I Purchase Residential House in Joint Ownership with my brother and take housing loan form bank, the Bank Manager say that EMI Should be paid thro ECS on only one members Bank A/c is not split up and Interest & Principal Repayment Certificate will be issue to joint Name (in Name of Both the owner) in this case i have trf amount in my brothers a/c then full emi will be ecs to bank.
    in this case can both the joint owner take benefit u/s 80C and Income from House Property ? in what proportion ? give me any case low of same? (is their bank is not split up ecs in both owner ?)
    reply me on my email. -dinesh6682@gmail.com

  275. Shailesh Kumar says:

    Whether employer can allow benefit of interest paid on 2nd let out house property of an employee while calculating total tax liability on salary paid/ payable to him.

  276. G.paramasivam says:

    I have taken hous loan with SBI and me and my wife is co-borrower but owner is my wife only and she is not working (dependent on me).And EMI is being paid by me only. In this case how I can avail tax benifit please reply my e-mail id. agpsivam1968@gmail.com

  277. Dr.S.Muralidhar Rao says:

    I have purchased a plot on my wife name and constructed a house but she is a housewife not an earning member.The home loan is on her name where as i am paying complete EMI.
    Question
    1.Can i claim tax benefit under section 80C.
    2.Can i claim tax benefit under section 24

  278. nikhil says:

    I have joint home loan with my wife as joint holder. I have currently share 60:40 ratio in this loan in 2012-13. But as my wife is expected to take break from job for 1 year. So can i change this ratio later in next FY.

  279. Sanjeev Vashista says:

    I’ve taken home loan for two times whether i’m elgible for rebate on both sides or not.

  280. Sudhir says:

    I have purchased a flat on my wife name but she is a housewife not an earning member.The home loan is on both name whereas i am paying complete EMI.
    Question
    1.Can i claim tax benefit under section 80C.
    2.Can i claim tax benefit under section 24.

  281. nandlal says:

    sir i have purchased a flat its registry with my wife`s name and
    home loan also with my wife`s name and i am co applicant in loan my wife is housewife and whole EMIpaid by me can i claim all tax rebate

  282. D.K SRIVASTAVA says:

    I HAVE AVAILED HOUSING LOAN UNDER STAFF HOUSING LOAN SCHEME WITH INSTALLMENT OF SIMPLE INTEREST( CONCESSIONAL RATE). I HAVE ALREADY REPAID MY PRINCIPAL AMOUNT AND NOW REPAYING INTEREST PORTION OF THE LOAN IN EQUAL MONTHLY INSTALLMENT. CAN I GET THE REBATE UNDER SECTION 80 C FOR REPAYING THE INTEREST PORTION OF THE LOAN.

  283. Amit Tripathi says:

    I have taken H/loan and me and my wife is co-borrower but owner is my wife only and she is not working(dependent on me). And EMI is being paid by me only. In this case how I can avail tax benifit. Please reply

  284. Abhishek Kumar says:

    Hi,

    I had taken a loan for my house in 2010 decemeber.I got the posession of this house in August 2012. So I can take income tax deduction for the total intrest paid from december 2010- mar2012 in five installments strating from this fiscal yer i.e. 2012-13. Now I need to know if the interest I am paying in this year 2012-13 can be clubbed with the 1/5th of earlier intrest or not. As my intreset for this year(12-13) itself is greater than 150000.

    I am not staying in the house and has given it on rent. In this scenario can i claim (this years interest+1/5th of pre posession interest – rental incomme fro 12-13) as my total amount for tax deduction or not. I am availing of HRA as well as I am staying in another city. Please let me know the solution.

    Thanks

  285. dattaram says:

    I stayed in rented house april 2012 to dec 2012 & paid Rs 12,000 per month i.e total Rs 1,08,000/- for 9 month. Now I purchased my new house with housing loan.
    shifted on Jan 2013.
    I will pay total intrest Rs 1,40,000 & primeum Rs 36,000 for the month Jan 2013
    to March 2013.
    Can avail both facilities for tax exemption & how much.
    please advise

  286. Rahul Dev says:

    I hereby wish to know whether I can avail a home loan on a property for which I plan to register as follows i.e. jointly in name of my parents (father & mother), who are retired & do not have any other income, with myself & my younger brother being co-applicants with salaried incomes.

    Property Joint Registration: Father & Mother
    Loan Application: (Father & Mother) + Co-applicant 1 (Myself) + Co-applicant 2 (Younger Brother)

    How will be tax treated against for the above (if allowable).
    Thank you

  287. Sandeep says:

    Please help me out in clarifying my concerns related to home loan.
    1) Have running loan on 2 properties- 1 in Ghaziabad & 2nd in Delhi.
    2) Possession of both the properties has been taken recently in Nov. – Dec. 2012.
    3) Property in Delhi is not in livable condition.
    4) Residing in a rented house in Delhi.
    5) Working in Noida.

    Now considering the above facts, my concern related to availing HRA & benefit of tax on principal, interest paying for both the properties are:
    1) Can I avail HRA from April 2012 till Dec. 2012 i.e. till the time I got possession of Ghaziabad property?
    2) Can I avail deduction of total principal paid for both the properties (Delhi+Ghaziabad) under section 80C? with a limit of 100000.
    3) Can I avail deduction of total interest paid for both the properties (Delhi+Ghaziabad) under section 24? And is there any limit on the interest paid?
    4) How the deduction for the interest paid before April 2012 on these 2 properties can be availed & under which section this amount can be.

    Thanks,
    Sandeep.

  288. Siva says:

    Hello Sir,

    I’m living in Bangalore and My Brother is in Chennai. We have bought a House as co-owners in Chennai. The house is currently rented out, even though my brother is in chennai. Both of us, my brother & myself are staying in Rented house in bangalore & Chennai separately. Please let me know the tax benefits that both of us can avail.

    whether I & my brother can avail these benefits?
    1. HRA benefit
    2. Tax benefit on Interest paid.
    3. Tax benefit on Principal paid.
    4. Income from the house which is being let-out.

    Thanks,
    Siva(ksivaraman1@gmail.com)

  289. santosh says:

    Hi,

    I have two houses.
    1. One is an Apartment in which me and my family is living. I am the only owner of this house and have been claiming interest on housing loan for the past 3 years.
    2. The second is a house which is under construction bought last year (2012). This is a joint ownership between me and my wife. The housing loan is also Joint Loan. We are already paying the full EMI, even though the house is in construction.

    1. So can I claim the housing loan interest on both properties. What is the method.

    2. If I cannot claim the interest on housing loan for the second property this year 2012-13, can I claim it over the next 5 years along with the interest incurred in those 5 years, once the construction is completed.
    Is there any limit on the interest that can be claimed once the construction of second property is completed.

    3. If the second property is completed construction later this year , and is not let out, then how do I claim the interest on housing loan and what is the limit in this case.

    4. If the second property is completed construction later this year, and is let out on rent, then how do I claim the interest on housing loan and what is the limit in this case.

    Thanks & Regards,
    SMS

  290. Lalit says:

    As I understand, if I have two housing property, I will be able to do the following:

    1) Property 1 Loan – 1 Lakh principal deduction and 1.5 Lakh interest deduction (self occupied, no income)
    2) Property 2 Loan – No principal deduction and no-limit interest deduction + add rental income

    I would like to know, if I do not have any outstanding loan against Property 1 (closed by making pre-payment), can I still consider Property 2 as second property and take no-limit interest deduction?

    So, from the following, will it be 2.A or 2.B?

    1) Property 1 – No loan, No deductions, No rental income, self occupied
    2) Property 2 -

    2.A) No principal deduction and no-limit interest deduction + add rental income (as this is still second property)

    2.B) 1 Lakh principal deduction and 1.5 Lakh interest deduction (considering I have only one home loan)

  291. Alok says:

    Dear Sir,
    kindly help me in the following situation
    1. owner of house is my mother
    2. borrower of loan for renovation are myself nd my mother
    3. i am the one who is paying the EMI.
    4. m i exempted from income tax and how much tax benefit i can avail in a year.i m a govt servant

  292. Ameya says:

    Pl. guide me in below situation:

    Property Owner – My Mother
    Loan Borrower – Myself with mother as co applicant
    EMI – Paid by me.
    Can my mother claim income tax benefits?

  293. R Patro says:

    Sir,

    I have taken a property solely on my Wife’s who is also working. I am the primary Applicant and my wife is co-applicant of the home loan. I am paying the entire installment. Can i get the entire tax benifit? Please reply its really urgent.

  294. Rohit Prajapati says:

    Q-1 If I buy a house jointly with my father and take a home loan from my side only, Can we both claim income tax deduction?
    Q-2 If I buy a house jointly with my father and take a home loan from my side only, Does NOC require for my father is not claiming any benifit for current financial year?
    Q-3 documents required and proofs for submission for clailming tax benifit on house loan?

  295. Aswin Sukumaar says:

    Sir, I have availed Housing Loan (From Govt. of India) in 2001 and the principal amount ends in Dec 2012 and only interest amount is due from me, now I have taken a home loan in my wife name in which I am co applicant, and construction is nearly to be completed soon, and I am now residing in Govt. Quarters.

    My Doubts is 1. May we both can avail I.Tax benefits (50/50)percent, for this a single IT statement showing yearly deductions issued from bank is enough or I have to submit 2 seperate statments from bank (50% principal + 50% interest)
    Please kindly clarify Aswin sukumaar

  296. ANANTA KARMAKAR says:

    I want to take a home loan to construct a house in a plot which is my fathers name. My father is dependent on me. I am staying ouside in a rented house. Shall I get tax benifit on the Principal of the loan I shall Pay. Shall I get any tax benifit on the interest I shall pay as there is a statement that Tax benifit on interest will be given after possessing the property and I am not going to possess the property.Is it possible to constuct the house in my name and get the tax benifit on interest. In the same time shall I get tax benifit on HRA.

    Thanking You.

  297. ANANTA KARMAKAR says:

    I want to take a home loan to construct a house in a plot which is in my father’s name. my father is dependent on me. I am staying outside in a rented house. shall I get tax benifit on principal. And shall I get tax benifit on interest I shall pay as there is a statement that interest benifit is given after possessing the house as I am not possessing the house.Is it possible to build the property in my name and get tax benifit. Am I eleigible for HRA tax rebate also?

  298. Joshi N.p. says:

    I have purchased a flat in Cinchwad Pune and iam currently staying in that flat. Iam claiming both interest(under section 24) and principal(under section 80c) currently. Recently i have purchased one more flat in chinchwad Pune and this is a joint loan with me and my wife. I have already started paying interest and principal BY EMI for this new flat. can i claim interest & principle of this new home loan for Tax.

  299. Hari says:

    I have purchased a flat in Bangalore and iam currently staying in that flat. Iam claiming both interest(under section 24) and principal(under section 80c) currently. Recently i have purchased one more flat in Bangalore and this is a joint loan with me and my wife. I have already started paying interest and principal BY EMI for this new flat. This flat is under construction and will be ready only by 2014 end. How do i claim interest/principal for this 2nd flat? please help

  300. Raju says:

    Sir,
    I have taken housing loan from Bank. The flat is handedover to me by the Builder in 12/2011. I have not occupied and i want to give it for rent. But, I could not give my flat for rent upto the month of 11/12. Whether I can claim IT exemption on housing loan interest under section 24 as well as HRA exemption?

  301. Ashish says:

    I have bought the flat in Pune in resale in the year 2010. My agreement is dated March 2010.
    I have taken loan for this. I had taken the possesion in the same month itself. Can I avail the benefit of tax exemption in the current year i.e. FY 2012-13 ?

  302. pankaj gautam says:

    sir,
    iam applicant for home loan and my wife is co applicant.
    we are paying back loan but ratio is not fixed who will pay how much,money is deducting from my account. can both of us claim for tax benefit in any ratio.

    for ex intrest deducted this year is Rs 200000 i can take benefit of 150000 rest wife.
    and principal is Rs 100000 i can take tax benefit of 50000 and she can 50000

  303. Bharat Bhushan Sahni says:

    I have a taken home loan from my office and repayment total loan and taken tax benefit. Now I want to take- second house loan from bank whether i will tax benefit.

  304. Neeraj says:

    Sir,

    I have applied for a flat in mohali for which i took a loan whose pre emi interest is 15K and the house will be handed over to me in June 2013. Can I claim tax benefits now?If not now when and how?

  305. Balwant Singh says:

    Sir,
    i have allotted a flat in greater Noida by greater noida autherithy in BHS12 flat scheme in year august 2010 and i have taken loan from bank for payment but still waiting for passession and i’m salaried person, my my accountant still not giving home loan benefit..,what is current rule and can i get tax benefit all that had paid previous year..

    With regards
    balwant singh

  306. Prakash says:

    Hi,

    I am the applicant and my father is a co-applicant for our housing loan.
    But my father owns the property.

    Can I get tax exemption? My company says I need to be owner or co-owner of the property.

    please help me how do I get tax exemption as I am paying the money.

  307. shashidhar says:

    Hi

    I have a house in Mysore, rented out, and i amy availing tax benefit on Principal and interest amount. Can the interest amount above 1.5L is eligible?

    Now i got one more property in Bangalore and rented out. I stay in rented house. Can i also avail tax benefit on this along with my 1st property and still stay in rented house?

    Appreciate your views and suggestions.

    Thanks

  308. Akole says:

    I purchased 2nd flat in March 2012, in pune city. For income tax return filing purpose, how Resgitration, stamp duty can be treated/considered to avail tax benefits etc?.
    Currently having 1st home loan.

    Please shade some light on this.

  309. ramesh sachdeva says:

    I Have taken 1800000/-bank loan for purchase of builder house in noida which is under construction.can i claim tax rebate on interest before the possession of flat

  310. Ajay says:

    Q. I had two flats. on both the flats my wife is coapplicant. In one flat i am residing and i clear my home loan. now i purchased another flat. Now i want to let out second flat .My first question is that can i get benefit of second home loan or treated as first only. 2.For giving rent can i registered my wifes name and so she can show this income is possible.

  311. rupesh mundhra says:

    FAQ is too helpful in deciding the exemption ( owner / co-owner) u/s 24 of  I.T ACT

  312. Manoj says:

    Hi , I Have an apartment in A.P where my parents are staying which iam getting tax exemption on that, Recenty i booked an apartment in blore which is under construction, it will be completed by dec. 
    How to get the tax exemptions on both as i staying in rented house now, can i get the HRA also.

    Thanks
    Manoj

  313. Kishore says:

    Hi,

    I am in the process of applying for a home loan ( for house construction) and the property ( land) is in my wife’s name. However we are planning to apply for a joint loan and I shall take the full responsibility to repay the loan. Both of us are working individuals.

    I understand the rule i.e. 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.

    But since I am repaying the loan and not a co-owner / owner, can I claim tax benefit by getting into an agreement whereby we ( me & my wife) agree that only I will claim the tax benefit or if there is any other way around to claim tax benefit.

    Thanks
    Kishore

  314. Dhananjay says:

    We have purchased newly constructed flat & registation is in my wife name but the Home laon from HDFC is joint & i am co-applicant. EMI is being paid from her salary.

    Can we claim interst benifit as 50:50. If not, if EMI is paid in ratio of 50:50, can i avail benifit of 50% interest besides property is in wife name?

  315. Manya says:

    Sir,
          We live in a house which was purchased by my father in law. He is no more nd now the house is in my husband’s name. We wanna book a flat now in under construction phase. I get HRA benefit from my office. If we take loan for this house on my name, wl I be able to take advantage in income tax nd how wl it be calculated.

  316. Jaikrat says:

    Dear Sir,  I just got confused in statement “Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 150,000 or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house)”.
    I have taken home and home loan both on my name and it is still under construction. Until it gets built fully I will be paying only interest. But according to your above statement, will I not be eligible for tax exemption under 24??

    Thanks
    Jaikrat Singh

  317. Santosh says:

    Sir, I have taken a housing loan. The property is in name of my mother, she is dependent on me. I am the borrower of housing loan and am paying the complete EMI for the house. The house is occupied by my mother and not by me, since I am employed at a different location. Can I claim tax benefit on under 80C (Principal) and deduct interest from Gross salary showing it as “negetive income from Housing property”. Please suggest.

  318. Shakti Aggarwal says:

    Dear Sir, myself and my wife have taken a joint home loan. We are paying the EMI through ECS from our joint bank account. If the interest component of our EMI in whole year is 3 Lakh ( or more) , can we both claim Rs 150000 individually under Section 24 ?

  319. m a shivananda says:

    Dear taxfuru,
    I have a query on home loan and incometax. We, two brothers bought a flat as co-owners and borrowed a loan as co-borrowers. Now we are re-paying the loan. We both have equally divided the EMI being paid. My brother is staying in the flat and I am staying in a different city. My brother pays rent to me. In this scenario, is the income tax benefits as follows:- 1. For my brother is this self-occupied property with ceiling on interest component to rs 1.5 lacs. 2. For my self, is this a rented property, with no ceiling on interest component for incometax exemption. Please clarify.

  320. Charan says:

    Dear Sir,
    Hat’s of you for awesome service.
    I have gone through the posting but none of them similar to my doubt.
    I have home loan for self occupied property in Bangalore, this is eligible for Tax benefits.
    2nd home loan I have taken as composite loan and purchased (June 2011) plot in same city Bangalore and yet to be constructed as I have 2 years time for construction. This is not a site/land loan (plot loan), if only land loan I don’t need to construct the house, until I clear the loan. Now in this case am I eligible to claim the total interest for tax benefit? This is not generating any income.
    Could you please guide me on the same? Ton thanks

  321. Sudharsan says:

    Dear Sir
    please clarify the below query. one of my employee has one existing home loan for a house in which he lives. he took one more loan to buy a new house and the house is still under construction and that will not be ready to occupy before Mar’13. He plans to let out the property once it is ready to occupy. Right now he pays EMI (not pre emi).
    Now please clarify, whether he is eligible to avail interest on housing loan for the new property loan, whether he needs to show the income from house property for the new house (even before possession)? please clarify.

  322. brij Mohan says:

    What is the exemption( rebate) in interest ( bank+NSC+FD) for the F.Y. 2011-2012

  323. Kamlesh says:

    Sir, I have a question. I am a Salaried person and pay IT from last 7 years. I want to know how much Cash can I keep in my Bank Account? How much White Money can I posses? I have bought a Flat too in this period, so is that considered part of this Amount? Thanks

  324. pavankumar says:

    sir,i had taken home loan of rs.1600000/- since jan-2011 i am paying emi for same.but yet i have not taken possesion of the flat.how can i claim for rebate home loan ?home loan deductions also not mentioned in form no.16.Can i directly claim with saral form for rebate? i am having bank statement of loan deduction.kindly send me proper info regarding this matter.thank you.reply fast.

  325. pavankumar says:

    sir,i had taken home loan of rs.1600000/- since jan-2011 i am paying emi for same.but yet i have not taken possesion of the flat.how can i claim for rebate home loan also not mentioned in form no.16.Can i directly claim with saral form for rebate ,i am having bank statement of loan deduction.kindly send me proper info regarding this matter.thank you.

  326. Amit says:

    Hello Sir,

    Me and my wife is jointly taking a homeloan to buy a property. My question is 1) This will be the 2nd home loan for me and first for my wife. What benefit I will get? 2) if the house registration is done only in my wife’s name, But I am co applicant. Then will I get tax benefit?

  327. Mukesh Soni says:

    Can you provide me the judgment which supports your view in case of joint-ownership of property the tax benefit can be claimed in the ratio of EMI/loan share being paid between coowners as have been mutually agreed upon.

    Regards,

  328. sridhar says:

    I have taken a home loan 8 yrs ago against which I have repaid a principal amount of 1.5
    lakhs and an interest amount of 38000 for the year 11-12. The house is not self occupied.What is the amount that I can claim exemption for from the Income tax to be paid?

  329. Santoshkumar Mehandale says:

    I have taken Home Loan FROM SBI. (12.5 Lakhs) Am co-applicant for Loan and am the installment paying every month. But house constructed on my wife name including flat and whole papers and owner ship is on her name. Am just co applicant for home loan and 100% loan re payment is doing by me.. whether shall i get Home loan tax benefit.. am working under Govt. of India…?

  330. SANJIV says:

    Dear Sir,
    Pl clarify the followings

    1. I have purchased a house . My wife First owner and I am co owner.
    Taken loan and i am paying the installment. and claiming.

    Now I want that i shoild pay rent to my wife and claim hra deduction. My wife will add rental income in her return. Further, my wife should pay EMI to banks directly or to me and than i pay to banks. So my wife should claim Interest deduction. Whether it is possible.

  331. Jitendra Hatwar says:

    I have taken home loan of Rs.35,00,000/- & paying EMI from my account. My wife is a co-owener of property.I have claim income tax rebate Rs. 1,50,000/- under section 24 & Rs.1,00,000/- under section 80c.

    Now Can my wife claim same income tax rebate as above seperately with above same limit.

  332. Kartik says:

    Pls advice me on the following. I have 2 flats: No1 flat was taken posession of in 2007 and regd jointly with my wife.Loan is taken jointly.Status of this flat is self occupied. Till last FY my wife was not working so I was claiming 100% benefit on int as well as principal component.In FY 11-12, she has begun to work and contributing towards EMI Can she take benefit of int and principal component in the ratio in which she is contributing from this AY onwards?

    Ques no 2: Posession of my second flat was taken on 30 Mar 2012. Since I am showing the first flat as self occupied, the 2nd one will be deemed to be genr income as per IT rules.My ques is that since I have taken posession only on 30 Mar : what is the deemed income that i should show? Will the flat be deemed to have genr income for only one day or will it deemed to have genr income for the entire year despite my having had posession of it for only one day in that year?

  333. Chitra says:

    I have a home loan in my name.I plan to buy another house  & take a loan jointly with my brother as coapplicant. Can both of us claim the tax rebate on the second house? I am presently residing in the first house, after we buy the second house I will shift there. Can I still claim  tax rebate on first house ?

  334. Jai Kumar says:

    I and my wife both taken housing loan (Both are working and salaried) Can both claim deduction of home loan intrest U/S 24 i.e. it implies together it can be claimed deduction upto 150000/-+1,50,000/- = Rs. 3,00,000/-

  335. sanju says:

    i want to know about my HBA dedection how can i get return of my HBA dedection

  336. Purna says:

    Hi, (1) I own a house in Mumbai which is a “self occupied” and availaing Tax benefits against Home loan taken on it (2) Now I have now invested in a new house in Gurgaon which is “under construction” and paying Pre EMI against the Home Loan taken, I intend to let it out once ready…….My questions are (1) Once the second home is ready and occupied, Understand I can claim tax benefit on the actual interest paid in the Financial year + 20% of the Total Pre EMI paid over the construction year (after splitting the total Pre EMI in 5 years), if I let it out after decuting 30% as SD and other municipal charges and maintenenace charges related to the house…Is it correct that the understanding is correct here and there is no limit to such a claim… (2) I stay in Noida in a rented accomodation…..Is it possible that I am entitled to claim benefit of HRA too in addition the self occupied property at Mumbai and let out property in Gurgaon..
    ?

  337. Debasish says:

    Myself and mywife are join owners of a property which is wholly let out.
    My wife is non-working.
    Can I claim benefit of income tax considering half of rental income(assuming other half is given to my wife) and complete EMI interest ( assuming whole EMI is paid by me)?

  338. Srinivas says:

    My home loan eligibility is 30 lakhs and i am planning to buy a plot worth 45lakhs . i am planning to take home loan for plot purchase under SBI reality of 29lakhs and remaining from my other sources. after a six months of time am planning to avail 1lakhs home loan for house construction and procuring remaining money from my own sources . My question is whether i will eligible for tax benefits if i complete both purchse of plot and construction in this financial year 2012-2013.
    Thanks.

  339. Rajashekhara says:

    I am planning to take an house on lease to arrange the fund for this I am planning to take personal loan from a bank, can I get any tax deduction on the principal and the interest paid on this personal loan.

  340. Rahul Sharma says:

    I have a home inherited, in which i am staying (My name is also included as joint owners with parents). Now i have Purchased my own home on Loan. Now i am confused.
    1. Is the purchased house is first home or second home
    2. Since i am not staying in the newly purchased one, will i get TAX Exemption ??
    Rahul Sharma

  341. BASAVARAJ _KG says:

    Dear Sir,
    I have taken site come construction  loan & paying the  EMI (ntrest  & principle). Also I am currently living in a rented house. Am I eligible to get the tax weiver on both HRA & home loan interest for the same financial year.  – 2012-13 .pl…suggest me.

  342. Karunesh says:

    I had booked a house with the builder in January 2008, taken possession in July 2009 and registered it in my name in september 2009.

    Due to some exigency I have now to sell the house which was purchased by taking a housing loan.
    Please clarify whether in this case Short Term or Long Term Capital Gain will apply?
     
    Also,I have been told by some people that the benefits which I had taken under section 24 and section 80c on the principal and interest in my earlier IT returns will have to be reversed in my current IT return and I will have to pay tax on that amount in the current year. 

    Pls clarify

  343. NAGARAJA says:

    Sir,
    now i am constructing house and this will complete at the end of september 2012. but i got home loan for corporation bank from 7th march and thy deduct pre EMI interst. but my EMI may deduct for september 6th 2012 onwards. In that case in this tax academaic year( april 2012 to march 2013) i am eligible for tax benifits or not. Please informe me.
    Regards,
    S.Nagaraja
    Assistant Professor
    KCT

  344. sridhar says:

    irrespective of the number of houses is the overall limit Rs. 15. lakhs under section 24[b]

  345. Mahesh says:

    Dear Sir,

    Me and my wife are the co borrowers and repaying 50% each. Both are working.
    How can I claim both HRA and benefit of sec 80C and 24.
    Kindly put me a mail at my email id also.
    Mahesh 

  346. parag says:

    Case: I have an existing residential property in name of myself and wife (share not defined). I am purchasing new residential property and required to decide ownership patter for the same.
    Should I register new property in my name only? Or again jointly with wife?
    Housing deduction and benefits is required for me and not for wife.
    I am evaluating two options and request to suggest the better one considering income tax , wealth tax and capital gain taxes and stamp duties applicable.

    Option One: Registering new property in my name only: I will claim this new property as deemed to be let out and will set off full interest against my salary till interest component is high. Now after years when interest will be negligible, I will transfer 50% share in current house to my wife. Now I will be absolute owner of new property and my wife will be absolute owner of existing owner and both property will be exempted from income tax, wealth tax. I will be required to pay 50% stamp duty for this transfer and also transferring 50% share without consideration will still make me deemed owner of existing property. But I will try to show some consideration or will transfer at market value to avoid capital gain. Please evaluate this option?

    Option Two: Registering new property jointly with wife: I will claim this new property as deemed to be let out and will set off full100% interest against my salary till interest component is high. Will I be able to take benefit of full interest though I am 50% owner? I will be paying full EMI and interest and will I be able to claim 100% interest?. Now after years when interest will be negligible, I will transfer 50% share in current house to my wife and in consideration she will transfer 50% share in new house to me . Now I will be absolute owner of new property and my wife will be absolute owner of existing owner and both properties will be exempted from income tax, wealth tax. Will transferring shares to each other for consideration at same time exempt capital gain? I need to pay stamp duty on the property(50%value) whose Market Value is more?

    Please share opinion as to which option is good to follow. Also requesting to answer the questions asked in between those options.

  347. ajay says:

    Me nd my brother bought a house by taking loan frm SBI, my doubt is that EMI is deducting from my salary account and for that I take half of it from my bother, but the money which i take from him has no record. Can we both get benifit of Income tax in the ratio of 50-50.

  348. Radhakrishnan says:

    I am paying for my Dad’s home loan in which he is the Applicant and myself and my mom are co applicant, but there is no source of income for both of my parents. Can I get benefit out of the home loan amount I pay. If yes could you please explain me the procedure to follow to get those benefit.

  349. Arvid Prabhu says:

    If I buy a house jointly with my wife and take a joint home loan, Can we both claim income tax deduction? How much Interest Deduction can each of us can claim in our individual returns. Whether Rs.150000/- each ( As our Interest portion in Repayment is around 3.4 lacs ) Kindly Advice.

  350. Retash says:

    My father is an co-applicant along with me for an house which we have bought & are staying. i have been paying the entire EMI with a tax benefit shared along with my father. this is done for last 8 years. Now can i have the entire tax benefit on my account alone. Please adivse.

  351. Arvind says:

    I and my wife have a flat jointly in Mumbai purchased through a home loan. This house is rented. We are presently staying in Delhi in a rented house. Can I get HRA as well as claim tax relief for Home loan for the Mumbai flat even if the rent for this flat is being collected in my wife’s name?

  352. Somenath Ghose says:

    Sir- have a property in Mumbai on loan. Annual interest on loan is 1.5 lac +. I have moved from Mumbai to another city and have given the flat on rent (A) . In the current city i am staying on rent (B). Now i am purchasing a ready property in current city with bank loan whose annual interest will be over 2.0 lac +. This property will remain empty for at least the next 2 years.
    Question: What all should i show in my income tax declarations so that i get maximum benefit and also remain clean in the accounts of Itax.

  353. Umu says:

    I’ve property under two names ( my name as the first & my ex as the second ). Now, he wanted to sell the property & denied my rights – by asking all the profits to be given to him via his lawyer.

    My questions are :-
    1) Do I’ve the right to claim more than him as my name is the first ( instead of divided it equally ) ? How to go about it
    2) I take back the property – & wanted to sell it off later….. can I sell it off without his signature?

    Your view is much appreciated

    TQ

  354. praveen says:

    i purchased a land through home loan with the name of my mother,she is housewife.i paid emi.
    can i took the any benifit against income tax.my mother and me have joint account.if i didnt any benifit on income tax so plz guide me for this benifit.i m a job holder in private concern.

  355. Vineet Agarwal says:

    Hi, I was allotted a plot(125 sq yds) under a govt scheme in Punjab .And I chose to pay the land price under a Option-C which says 70% of the total price of the plot is to be deposited in 7 half yearly installments along with interest of 10%per annum.I have already paid 2 installments and others are to be paid in future.Can I avail tax benefit on this case.The plot allotted is in Punjab and I live in Delhi.

  356. nilakanth sahoo says:

    sir, i’ve taken a housing loan in 2010 December to book a house in chattishgarh housing board. the house is still under construction & likely to take another 1/2 years. i recently came to know about an income tax law which states that the house should be completed withen 3 years of taking loan,otherwise it rebate on interest will be limited to 30,000. this 3 years is from date of sanctioning of loan or date of last installment?so if my house completes in 2015 will i be able to claim tax rebate or not.

  357. ASIT KUMAR DEY says:

    I have purchase a house with the name of my son an borrowed the loan from sbi both name. But the EMI amount deducted from my account only. Last year I claimed income tax benefit 50% from my salary. Can I claim 100% tax benefit from my salary. If I claim my son will not claim 50% from his salary. If it is possible Please confirm my though mail.

  358. avanish says:

    Hi..

    I am going to purchase a second home & applying for new Home loan. However, I have already cleared the earlierdepartmental HBA on exisiting home. Pls let me know whether I will get the same tax benefit as stated under second home purchase ie deduction of Interest actual paid (and not limited INR1.5L) ??

  359. deepak mathur says:

    Hi , i have taken home loan for construction purpose from SBI BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.?

    PLZ REPLY FAST…………..

  360. Rajendra says:

    I am residing in owned flat and have taken a residential plot on loan. Will i be eligible to claim tax rebate on said land. I am not planning to start any constructiuoin immediately.

  361. mania says:

    dear Sir,
    I have purchased one house in my wife”s name, who is house wife and all EMI is debited from my salary, whether i will get loan benefit? if not, then whether i will avail HRA benefit?

  362. S.R.Srinivasan says:

    I took a home loan (2nd property) in Dec.2011. The construction of the hpouse is still under process. I have a pre EMI interest of Rs.25,000/- for the financial year 2011-12. I will be renting it in few months after completion of the house.Will I be eligible to claim the interest benefit in the income tax return for the financial year 2011-12.

  363. Ram G says:

    Hi..

    I am going to purchase a second home & applying for new Home loan. However, I have already cleared the earlier home loan on exisiting home. Pls let me know whether I will get the same tax benefit as stated under second home purchase ie deduction of Interest actual paid (and not limitedINR1.5L) ??

  364. Raj says:

    Hi thanks for sharing the valuable information for the public. Is there a way to claim the actual intereset paid on home loans ~Thanks Raj

  365. deepak mathur says:

    Hi , i have taken home loan for construction purpose from HDFC BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.???

    i need your advice

    sir plz   reply……………….   

  366. Rakesh Kanugo says:

    Hi , i have taken home loan for construction purpose from HDFC BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.???

    sir plz   reply……………….

  367. Ashok says:

    Sir,

    I need your expert advice in one of the concern. My son n my wife jointly had purchased the property in same location at Faridabad and we alla re living in new home where as the earlier home which is on my wife’s name is vaccant for more than 9 months and we are not able to get it on rent.

    Is it possible for my son to claim some kind of rebate on tax as he is paying EMI for new home and we are not getting any rent from previous house.

  368. Gourav says:

    Sir,

    I have taken a home loan worth 2500000 and I am staying at same home at faridabad. Can I avail tax benefit for home loan and HRA benefit for same. Home loan is on my name and property is on my mother and my names. My father Mother, myself my wife and my 2 months old son lives in that poperty.

  369. Rakesh Kanugo says:

    sir ,
       i have taken home loan for construction purpose from SBI BANK. The property owner is my father and i m paying the loan amount .  can i get income tax rebate.???

  370. deepak mathur says:

    Hi , i have taken home loan for construction purpose from HDFC BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.???

  371. Sattha says:

    Sir, I work and live in rented accom in Gurgaon. Purchased a flat in Kolkata where my parents stay and the loan is alomost paid( 2 more years, so very little interest to be paid). I now purchased and possess another flat at Rajnagar, Ghaziabad, where I cannot stay due to the distance from my office. I am planning to loack it for the time being. Now what will be my tax implication considering,
    I pay emi for the 1st flat(occupied by my parents), emi for 2nd flat(no occupancy) and pay rent in Gurgaon.

    Thanks

  372. Subrat says:

    I and my father are co applicants for a housing loan and now I want to get the house registered on my father’s name so what is the procedure for it kindly suggest

  373. anil chawla says:

    I have purchased a DDA flat.. If property is in my wife’s Name and she is co-applicant for home loan. I will pay full EMI.Shall I be eligible for rebate on home loan in income tax?

  374. Goregaonkar says:

    I have home loan of 10 Lacs jointly taken along with my mother. However now i want to become 100% owner of the property. Can i close the home loan first and then avail a home loan to buy the entire property?

  375. Daisy says:

    I am the owner of a property and borrower of the loan for the purchase of the property. The EMI is 100% deducted from my income. Can I claim Tax benefits on behalf of myself and my husband ie 2 lacs toward the principal repayment and 3 lacs towards interest repayment?

  376. Dinesh Bajaj says:

    Dear,

    I want to know about of housing loan, If Husband & wife taken a loan in both name and house property in name of Wife than both are calim this deduction. Please provide your views

  377. Umesh says:

    I have taken a RESIDENT LAND PURCHASE LOAN from HDFC , can i claim the interest pain under section 24?

  378. abhishek says:

    my father purchase property from vastu vihar my father is land owner now he want to sale the flat in my name will i will get home loan

  379. Jagadeesh says:

    I have puchased a plot for house construction, proposed to construct in next year ie during Oct 2013 .can i avail tax rebate for this financial year 2012-13. I have got composite loan sanctioned for Rs.45,00,000, at present i have availed 20,00,000 and planned to avail the remaining during the construction time. Please advice me how can i avail tax benefit.

  380. Pramod says:

    Is it possible to get possession certificate of the house after completion of the building where the occupancy certificate is not issued.

  381. Cs says:

    I Purchased a flat which is aound 7 kMs from my present flat and 11 Kms from my office, all the three – present flat, new flat and Office are with in 20 kms zone.
    I am planng to letout the new flat. Is it possible to claim both HRA benifit and Housing Loan benifit, if possible plz. let know how to get the benift of both HRA and Housing loan.

  382. Rajesh says:

    Dear friends,
    I have purchased a flat recently for which i am planing to take a loan. The same will be ready for possession in around Januray 2014. In this regard I wish to know that “will I be entitled to claim for tax relief on the interest paid by me on housing loan during the period which in which the possession of the flat has not been handed over to me.

    If yes, then kindly clarify the amount regarding tax benefit on interest amount and principal amount paid by me during the period in which the possession has not been handed over to me. plz reply…….also on my email id if possible……..

    warm regards,

    rajesh

  383. kirit ganatra says:

    hello frnds…
    we have took housing loan on join name with my wife and both are service people.
    we have housing loan interest income is rs. 3,00,000 
    so in this case me and my wife both get rs. 1,50,000 and 1,50,000
    or we get didection from the same?
    plz rpl as early as u can…

  384. neeraj singhal says:

    i have booked a flat. now I am planning to take a loan. please answer the following queries:-

    1. my wife who is a co-owner, can we take two loans againt this property. 2. the possession will be available in Dec. 2014, can we claim the benefits of interest paid till the time of possession. if yes how and how much.
    3. whether the ratio of co-borrowing will decide the ratio in which principle/ interest will be devidied between me and my wife for claiming income tax benefits

  385. R K Jha says:

    me and my wife are joint owner in one property 1st-me, 2nd-my wife. in loan also me is first applicant and my wife is joint applicant. the entire EMI is being paid by me as i am only earning member not my wife. can you guide me how much maximum i can clam as interest and how much as a principal as my actual interest is coming as Rs. 250,000 and principal as 120,000/-

  386. Pranay Verma says:

    Hi,

    I have booked a flat under construction linked plan and possession is due in December 2012. Please tell me, if I sell it today [April 2012] before possession/registration, what would be the tax liability. FYI: present cost is 60 lakhs and i booked it at 50 lakhs. Thanks, Pranay Verma

  387. Home Loan says:

    This is a very insightful article. Tax exemption for home loan interest repayment is a powerful tax saving tool for the middle class. The facets of this section should be well understood before applying for a home loan. At time, applying for a joint home loan might give higher overall tax saving for you and your spouse.

  388. raghavendra.K.B says:

    property is in my mothers name, i am only son, i am paying emi , cani get tax benifit,

  389. Purushottam Gupta says:

    Hi, Me and my wife is a co owner and co borrower of a house. If EMI is fully paid by me then can we both claim tax benefit of Interest and principal portion in equal basis or I have to open a joint account for EMI payment.

  390. Anant says:

    Sir, My father is retired from Govt. service and getting pension. My father has taken a home loan from LIC Housing in which my father is applicant and my brother and me are co-applicant. The registey of the flat (house) is in my father name and I pay all the EMI of the loan through my bank A/c. Then, Can take IT rebate benefits and How much. Can I also take rebate on stamp duty paid on the registry because the same is paid by my source of income.

  391. MB says:

    I want to know that if I have 2 flats in my a/c and with SBI-home loan..what tax benifit I can avail at max. Principal should not beyond the limit of Rs.1,00000/- and the interest for both should not cross 1,50000/- by max OR what? It’s a doubt for me….If I purchase the 3rd one also..what should be the equation then in terms of tax benifit mainly.

  392. Sanjay says:

    i live in Chennai. I am planning to buy a flat in Pune. For this i am taking home loan from SBI pune. I will be continuing to stay in Chennai only (that means i will not be occupying / possessing personally this flat). Can u plz clarify on the income tax benefit for this scenario???

  393. Amit says:

    I have taken home loan of rs 20 lakh in which 5 lakh is margin money.can i get tax rebate for margin money like principle interest?

  394. SAMIR KUMAR KAR says:

    I have taken a HBA loan in 2007 from my company which is a PSU.  The constructor is a joint venture company of WB Government. The flat is still under construction and expected to be completed by end of 2013. I have availed only half of my loan amount sanctioned by my company i.e. I have taken only Rs. 4 Lakhs out of total of Rs. 8 Lakhs loan sanctioned by my company as , payment to constructor is in instaliments.
    My company is asking to start repayment of my loan. What should I pay first , the principal or the interest on payment already made to me . Kindly tell me details of income tax benefits I will get if I pay the principal first  or if I pay the interest first.
    Waiting for your advice. Thanks in advance.

  395. Arvind Hatkar says:

    Are you really answering our questions? because till today i have not recived my reply

  396. Lal says:

    I have purchased a house on wife`s name. Wife has no source of income and I have taken home loan on my name. Wife is co-applicant and I am applicant in home loan. I am making payment of EMIs through my bank account. Am I entitled to Income Tax benefit on loan interest and repayment of home loan?

  397. Debojit Nag says:

    Dear Sir,
    My wife and myself purchased a home on 2009. We both are the co-owner as well as the co-borrower of this property. Since then we are taking the tax benefit of this with 50% share basis. Now we are planning to purchase another home where we both will be the co-owner as well as the co-borrower.

    Are we eligible for getting the tax benefit of the 2nd property along with the 1st property at the same time?

    If my wife is co-applicant of the 1st property and if she pay the entire sum of the 1st property and I pay the entire repayment ( EMI ) of the 2nd property where I am the co-applicant ( But we both are the borrower of both the properties), is she eligible of getting the entire tax benefit of the 1st property and myself for the 2nd property?

    Thanks,
    Debojit Nag

  398. Girish says:

    I have taken a home loan on joint name with my wife.This was done on recommandation of bank.However my wife is house wife.Unfortunately My company Tax computation gives me rebate on 50% of intrest amount paid (Total intrest component is 2.5 lacs) only that is 1.25 lacs of intrest paid .However my rebate limit is 1.5 lacs as per sec 24.I do not know what to do .Pl some one guide on this

  399. rakesh says:

    sir i have a house outside india on which i paid my housing loan installment regularly but i am a salaried employee and working in india so can i claim a housing loan repayment deduction under section 80c.

  400. deys says:

    house building advance taken in  2001 for rs. 700000 with monthly deduction of rs. 5000. claimed incometax deduction for principal and accrued interest during the period 2001-2011as per provisions.. during the FY 2011-12, outstanding amount of advance and interest paid in full. whether the entire amount of principal and interest paid are eligible for deduction  under section 80c and 24 respectively ?

  401. RS GANGWAR says:

    My brother has taken a housing loan  from LIC housing jointly with his wife. His wife is house hold lady with no earning. The house purchased is registered in the name of his wife only.  My brother wanted to know whether he can avail deductions  permissible for payments of principle and interest amount  for payment of his income tax.

  402. ila says:

    sir,
    what is the tax benifit on house loan,can i save tax from both principal valur & interest value of loan,apart from this can i also do investment like LIC & PPF.

    wHAT IS THE MAXIMUM AMOUNT THAT I CAN SAVE FROM TAX.

  403. sunny says:

    Sir,

    Suppose I book a flat jointly with my mother(not a tax payer)& I alone take a home loan in my name, will I be eligible for tax benefits.( I will be paying the EMI against the home loan)

  404. Pritesh says:

    Sir, Me & my father jointly own a flat. He is a co-owner but NOT the co-borrower. I had paid the EMI’s & took the INCOME TAX benefit on that.
    Now, I want to rent out that flat, so is it ok that if I make rent agreement on the name of my Father & tenant. OR is it necessary to make agreement on my name only. B’cos I want to avoid paying tax on high rental income.
    Pls. guide on the same. Thanks.

  405. Sampath Kumar says:

    Sir, I have a flat and availed Rs.10.50 lakh loan from a Bank and is aviling the benefit of tax benefit under Sec 80C and Sec 24 of IT Act. I have purchased one more flat in another city and has availed a loan of Rs.18.72 lakh from HDFC. Am I eligible for the tax benefits for the 2nd flat. If so under what sections? Kindly clarify.

  406. Pinky says:

    Sir , I am doing job in mumbai and stay in rented house & took a Home Loan for built house in jabalpur can I take exemption both HRA & Home Loan

  407. Sachin says:

    I have been allotted a Type C quarter costing Rs. 34.37 Lakhs  in Mohali by Central Government Employees Welfare Housing Organization. I have taken a home loan from State Bank of India for Rs. 25 Lakhs. I have paid 1st instalment of Rs. 10 Lakhs to the Housing society. Rest of the money I have to pay in 5 instalments. The complete Type C quarters are expected to be completed in the year 2015. 
    Sir Am I eligible to apply for a Home loan Tax rebate in the interest (Max upto Rs. 1.5 Lakhs) and principal (Max Upto 1 lakhs) under section 80C even though the house will be in my possession in the year 2015. Please suggest.

    Thanks and regards

    Sachin 

  408. SUMANTA BANERJEE says:

    I have taken a house loan from HDFC bank and myself and my father bother are co-owner for teh loan and house also registered on name of both of us. But I pay complete EMI from my bank A/C. Can I get complete Rs150000/- benefit for the housing loan interest. Please let me know. 

  409. Satish says:

    Sir, I have  taken  a Loan  from Bank on both name me and my Wife and i am owner and wife is co-Owner of property but total  Emi paying though my Salary bank account and wife’s Salary using for house hold exps. please help me to sort out my problem that who will claim the deduction u/s 24 and 80C because she is coming under taxable Income . please tell me way to avoid this situation 

    Thank you 
    Satish

  410. manpreet singh says:

    respected sir,

    i have purchased a car on loan from megma financial pvt ltd ( a private finance company) . my loan is for the period of 5 years. my emi is 3425 rs per month. plz sir, tell me can i get rebate on this loan from income tax.. tell me about whole things…

    with respect
    manpreet singh
    9914400388

  411. Atul says:

    Dear Sir,
    I want to know that if i m living in rented house and i hv also a own house on which i have taken housing loan. for taken tax benefit of interest & principal component, it is necessary to show rented income from loan property? If yes, then how much will be minimum?

  412. Atul says:

    Dear Sir,
    I want to know that if i m living in rented house and i hv also a own house on which i have taken housing loan. for taken tax benefit of interest & principal component, it is necessary to show rented income from loan property?

  413. Atul says:

    Dear Sir,
    I m atul, one of my freind(salary person), he took a housing loan and he letout it on rent and he live on rented house. His interest component is rs. 260168/- for the period 01.04.11 to 31.03.12 and he pay rent 30000/- per month and he receive rent Rs.3000/- per month on loan property.
    So, plz tell how much amt tax free & how?

  414. samuel R says:

    My wife working in army she took HBA Loan in 2001 amount Rs 190000 e,so for she did not claim income tax refund for HBA loan , principal amount recovery monthly Rs 2000/ completed , interest recovery is going on,whether can I claim the refund now for these period, Every year IT Returns submitted, but few copies of IT Return filed available to me , kindly reply me

  415. john.v.thomas says:

    i have take a house maintanace loan taken from a registred co-operative socity .repayment amount havebe tax deduction or not ? PLEASE REPLY SOON…ITS URGENT

  416. john.v.thomas says:

    i have take a house maintanace loan taken from a registed socity .repayment amount havebe tax deduction or not ? PLEASE REPLY SOON…ITS URGENT

  417. Arvind Hatkar says:

    Dear Sir,
    I Arvind Hatkar and my wife Archana Hatkar both are salaried. We have taken home Loan in Aug 2006. Arvind is Main Borrower (Main Applicant) and Archana is Co-borrower (Co-Applicant). From 2006 to 2011 Me Arvind has taken tax benefit (100% of interest component & principle component) of home loan. Now when the principle component is increased beyond 1 Lac, Someone said me that you both (Arvind and Archana) can take 50%-50% advantage of interest component and principle component of my house loan repayment.
    On the other side again someone said that since you have taken 100% tax benefit from 2006 to 2011, now you cannot change it.
    Sir, I would like to clarify this. Let me know now can we take 50%-50% advantage of interest component and principle component of my house loan repayment.
    Please reply me.

  418. ravi.k says:

    I have taken loan for repairing my house & my principal Amount is Rs 165021 & Interest is Rs 310520. So how much i can claim for tax benifit ?
    Please reply

    Thankin advance………..

  419. amitava ganguly says:

    my hbl with my wife (co owner)who is a house wife.may i take the total rebate from the EMI?

  420. s.k.nagar says:

    I HAVE TAKEN LOAN OF 2 LAC RUPEES FROM MY FRIEND FOR PURCHASING A HOUSE.WILL THIS AMOUNT BE TAXABLE FOR ME OR NOT?
    PLEASE REPLY SOON…ITS URGENT…

  421. Sanjeev Dhavan says:

    Dear Sir,

    My wife and I availed Loan from Bank for housing purpose. My wife is repaying the Loan fully and wants to take benefit of Tax. I am ready to give the declaratin to the same. My wife is serving in RBI. Wife employer demanding a letter from husband employer that husband is not claiming the same. Husbund employer is refusing to give the same.Please guide me regarding legal practice so that I can avail benefit

    Sanjeev Dhavan

  422. leny says:

    Dear Sir,

    I have taken home loan for a under construction flat & paying the pre EMI(intrest) + Principal. I am currently living in same flat where my portion is complete & 4th floor & the Penthouse construction is still ongoing. Am I eligible to claim the tax weiver on home loan interest for the same financial year. Pls clarify.

  423. mahendra says:

    Sir,

    I have taken a housing loan which is in joint names of mine and my wife. My wife is also a working lady. The house property is also in joint names. The EMI is being paid totally out of wife’s salary account due to operational convenience and household expenses are being met totally out of my account and there is an understanding to this effect between us. Can I claim benefit of tax under Section 24 & 80C for the whole amount of interest & principal. Please clarify

  424. Murti says:

    Hi sir,

    I am earning 10L per annum and I am planning to take a House Loan.My question is House loan intrest paid is 150000 and source amount is 100000.so the intreast paid on my House loan will come under which slab like 30%,20% or 10%.
    Thanks & Regards,
    Murti

  425. Satish Devasia says:

    I have 2 home loans and the instalment i pay is Rs. 8843 & 4939 respectively, can i get tax benefit under under 80c.

  426. vikram singh says:

    sir, a residential plot is allotted to me in aerocity mohali, for which i took homeloan from punjab and sind bank in may 2011, but the possession of plot is not given till date, it may be given in next 2 or 3 years, my query is can i avail the tax benefit on interest and principal paid to bank under home loan from this financial year.

  427. vikram singh says:

    sir, a residential plot is allotted to me in aerocity mohali, for which i took homeloan from punjab and sind bank in may 2011, but the possession of plot is not given till date, it may be given in next 2 or 3 years, my query is can i avail the tax benefit on interest and principal paid to bank under home loan from this financial year. what tax benefits i can avail since i took h/l.

  428. Simit Mehta says:

    Sir,

    I have purchased a flat. Where i have made cheque payment of Rs. 4 lacs and for rest of payments- I am taking home loan. I am planning to make sale deed & loan procedure in beginning of next financial year (2012-13).

    Can I take tax benifit on initial cheque payment to builder (4 lacs) as investment under 80C, or any other section..

  429. jitendra says:

    I have taken home loan but my income was low so bank add my brother as coborrower,  All the EMI is paid by my account and I want to avail 100% tax benefit and my brother does not take any tax benefit from this loan.  how can I take 100% benefit from this loan? what should I do?

  430. admin says:

    Deduction of Housing loan Interest is not per House, its per Assessee.

  431. Nathan says:

    The details mentioned in Q2 above regarding joined loan is wrong. Please refer to the following link from incometax dept site FAQ
    incometaxindia.gov.in/questionbank.htm#G94

  432. Sudhir says:

    I have taken composite loan & the bank has disbursed 50% of the loan towards site purchase.
    Now there is a limitation on my side to start construction & hence i may not be in a position to lay foundation within 9 months. I would like to understand what action will be taken by the bank?
    Does it get convereted to site loan with addtional rate of interest? Please clarify.

  433. paramjeet says:

    If i buy a property on loan and rent it to my parents and I stay in another house owned by my parents and pay rent to them, am I eligible for tax exemption on loan(principle+ full Interest amount) and HRA tax benefits also.

  434. Gaurav says:

    I bought a house in Mar 2007 at 14.5 Lacks and Took a Renovation loan of 3.5 Lacks in Mar 2009 and Finally Sold it in July 2011 at 21.5 Lacks.

    Now I have few Queries:

    a) Can I claim the principle and interest for 4 months period of Apr 11-Jul 11 ? As I paid 75K as Interest and 17 Lacks as principle but I do not hve possesion till Mar-12 Finanacial Year end.
    b) Do I have to return the benifits under section 24 taken in last 4 years having made Long Term Capital Loss on the peoperty ?

    Thanks in Advance !!

    -Gaurav

  435. Ajay Kumar says:

    Sir, I have purchased a house in Delhi jointly with my wife. Both of us are Govt. servants. We have taken a joint loan from HDFC of Rs.24 lakh. The house at present has been let out on rent and the annual rent received is Rs.1,20,000/-. On this loan, the interest component being paid by us during this year is Rs. 2.93 lakh. Can we both claim tax benefit on interest. Can we claim rebate of Rs.1.5 lakh each or shall we claim Rs.1,46,500/- (half of Rs.2.93 lakh) each. How will we show the rent received. Shall we both show Rs.1,20,000/- as rent received (income from house property) in our return or shall we show Rs.60,000/- (half of Rs.1,20,000/-) as rent received in each case. Kindly also inform what are the sections under which we can claim these benefits and what are the evenidence s( copies of IT Act) which can be furnished in office for claiming this benefit.

  436. Krishna says:

    Sir,

    I have puchased a plot for house construction, proposed to construct in next year ie during Feb 2013 and i have paid interest around Rs.95,000 & Princ – Rs.18,000 can i avail tax rebate for this financial year 2011-12. I have got composite loan sanctioned for Rs.25,00,000, at present i have availed 12,00,000 and planned to avail the remaining during the construction time. Please advice me how can i avail tax benefit.

  437. Hardik Joshi says:

    Sir,

    I have purchased a flat. Where i have made cheque payment of Rs. 2.5 lacs and for rest of payments- taken home loan. Since i do not have possesion of the flat, bank is charging only interest component of home loan as EMI.

    I under stand that on Interest component i can take tax banifit. But can i take tax banifit on initial cheque payment to builder (2.5 lacs) as investment under 80C, or any other section..

  438. sameer kumar says:

    i have taken home loan this year in july and going take possession in february. what about HRA exemption and hoam loan interest benefit, i will take both or only home loan benefit because that will end of financial year i was in rented house whole year, please h

  439. RAMAN SHARMA says:

    I have purchased a Plot, with the help of loan form SBI. can be get home loan tax advantage during the FY.
    currently the said plot is land only, still construction not started.

    Regards
    Raman Sharma

  440. VIJAY says:

    I have taken two home loans & both are let out currently and i am staying in an rented property (40kms away from the owned property). In this case will i be eligible for deducting Prinicpal, interest (for both home loans) & HRA benefits? I am receiving rent from both the properties. Pls advise.

  441. vijay says:

    my brother and his wife has taken HL jointly. Bt the property is in the name of his wife. bt whole EMI is being paid from the account of my brother. his wife is also employed and wnts tax relief. whethr his wife being a co-borrower and fullowner of the property bt nt paying EMI can claim tax relief. if so please let me knw the tax rule reference.

  442. venkat says:

    sir, i have taken home loan jointly with my wife. she is a house wife and not earning any money. loan is deducting from my salaried saving bank account. when i am claiming tax benefits from home loan, my finance department people giving only 50% benefit saying home loan is jointly with ur wife. i am arguing with them as my wife not claiming any loan interest or not have any PAN card.
    could u clarify my doubt and is there proof to get total home loan tax benifits
    pls call me on 9502365656, it will be very kind of urself

  443. Jeewan Singh says:

    Hi Sir,

    Can you please let me know that if i can avail the tax benefit if EMI is still not got fixed for the home loan which bank approved for the home i have taken . Mine is CLIP ( Construction Linked Plan ) where bank is paying us loan amount as and when builder demand the same.

    Now i have made the repayment of the principal amount as well as the interest amount which comes as we are taking amount from bank .

    please let me know the same and also let me know that if i have another investment like LIC then can i avail the tax benefit from the principal/interest payment.

    Regards,
    Jeewan Singh

  444. s.varalakshmi says:

    I am staying in my father in law house [rental house joint family] now i am purchased new flat and rent received rs.180000/- i have to pay house loan interest rs.285000 how much maximum interest allowed only for salary income and house rent income

  445. Jayanta samanta says:

    Sir, If the following points are clarified, I will be most obliged. I have paying EMI for one house building loan taken for construction of self occupied residential building. For the same I am availing deduction under sec – 24(b). If I take another loan for the purpose of repairing of the same building now, wheather I shall be elibgible for the deduction of the interest part of the new loan for repairing of the building under any section of income tax. Please clarify. Regards

  446. Prashant says:

    Dear Sir,
    I have taken home loan for a under construction flat & paying the pre EMI(intrest). Also I am currently living in a rented house. Am I eligible to get the tax weiver on both HRA & home loan interest for the same financial year. Also please not e that my new flat is in other city / District & I stay in some other city & possession of new flat is in Mar – Apr 2012 as per builder.
    Please let me know your inputs.

  447. Ramesh says:

    Sir,
    I have taken a property on my wifes name only. And we have taken the house loan jointly. Can both of get the benefits? If yes please give me the solution?

    Thanks!!! Ramesh

  448. Nisha says:

    Sir pls give me a rply as soon as possible…..

  449. Nisha says:

    Sir,
    my client purchased a flat of Rs.515000 as per deed and want to sale old flat . he taken loan for new house Rs.435000 and Rs.80000 is from his capital. The Capital Gain is around Rs. 3-4 lacs.
    Now my problem is that can my client get exempt the capital gain by sold old flat against loan that he taken if he not repaid it in this year?
    How much can he made a deed of old house to sale that he can get whole capital gain exempt?
    Is there any dispute if old house which is small has a more deed value that of new house purchased by him?

  450. Rajeev says:

    Hi, I took a housing loan for which i am currently claiming tax benifits for both deduction towards principal amount and intrest. I am also residing in the same property. What tax benifits cam I claim after repaying all the loan

  451. Rajeev says:

    Hi, I took a housing loan for which i am currently claiming tax benifits for both deduction towards principal amount and intrest. I am also residing in the same property. What tax benifits cam I claim after repaying all the loan

  452. Narendra Singh says:

    I purchased a home through SBI Home Loan
    I am paying my installment regularly which statement produced to employer for the tax deduction and adjustment of  interest but my employer denied for the deduction of interest as well as 80C because of I have taken loan from outside while I have given all the information to the employer for the same.
    Due to this my Rs 20,000 approx. will go with Income Tax department and it will be return after filling the Income Tax Return and finally will be return after july2012, while my last years return yet not received.

    I want to know does my employer not doing injustice with me and other like me people.
    Pls suggest to overcome this issue.

  453. Madhuri says:

    Hi, Me and my husband having a joint housing loan, for income tax benefit both of us can avail income tax exemption for interest of Rs.150000 individually, or the exemption will be only Rs.150000 and both of us have to share it? Please provide proper evidence from The Income Tax Act, as our HR is not convinced.

  454. Ankur says:

    hi – Can i claim any deduction during the period of my EMI payments but possession of property is still not in my hands

  455. Jai says:

    Hi
    I have just signed up a housing loan in Nov-11 and the EMI will start from Dec-11. And this property is under construction and will be completed only by Apr-12.
    In this scenario, can I claim IT benefits for the interest and Principal portion which I will be paying upto Mar-12. If yes do i need to show them differently when I file my returns, since I also claim HRA from my employer currently.
    Can u pls Advice.

  456. Dikshit says:

    Hi,

    My husband took a house and I was the coborrower(surity). Now we got divorced legally and I am not asking any share in house. Since my name is present in loan as Co-borrower, what is the procedure to get it released?

    Rgds,
    Dikshit

  457. nupur says:

    i think deduction under section 80c and allowability of interset will be available to the person who pays the money.

  458. Sanju Kanery says:

    Hi,

    I am based out of Mumbai and I have a running loan for my first property in Hyderabad which my parents are presently staying. I am planning to buy a new property in Mumbai for self occupancy. tell me the tax treatment of the same with respect to tax deductability and HRA rebate. Given I am a salaried employee.

  459. biswajit nath says:

    Can we get benefitr for paying Housing loan which is in the fathers name???????/

  460. biswajit nath says:

    Can we get the TX benifit on paying EMI on Home Loan which is in my Fathers Name & he is a farmer.

    Also can we get tax benifit on paying EMI on Education Loan which is on my younger brother name.

    If not what is the way to get the benifit.

    Thanks in advance.

    Biswajit Nath

  461. Aditya says:

    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 100,000 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.1,50,000. For the other property, you can claim actual interest repaid, there is no limit for the same.

  462. KUMAR R ACHAR says:

    Sir, I have purchased a Home for 19 Lakhs out of which 14.25Lakhs is loan from nationalized bank My yearly income tax is around 45thousand how much i can save monthly EMI 15000

  463. pkpareek says:

    I have taken house building loan in 2003 and getting tax benefit(rebate) of the same. Now I want to take loan to extend/construct one more floor on it. Am I eligible to get tax rebate on new loan also on the same property?If not what is the way to get tax benefit on new loan also?

  464. k r thakur says:

    Iam government employee and my wife is also govt.emoloyee.Both we have taken a loan from HDFC. can we take the benefit of income tax both seperately. for example principal benefit upto rs.150000 and interestpaid rs.90000 for the year.How can we both claim the benefit for the purpose of income tax. we both have the emi.

  465. sandeep mohan says:

    i have taken house building loan in may 2006 on which i am getting income tax rebate.
    in 2009 i have taken another housing loan on same property for extension and renovation. shall i get income tax rebate under section 24 and 80cc on another housing loan on same property?

  466. Inderjit Singh says:

    Hi ,
    I have taken a home loan on my name only ….. since the loan has started i left my job on medical grounds and have not taken another yet …. but my wife pays the emi’s for the same but the loan is only on my name willl my wife get the benefit of tax .

    REQUEST YOU TO PLZ HELP ME WITH A SOLUTION FOR THIS .

  467. SSRAO says:

    Can I claim IT rebate u/s 80c for paying premium of Rs 16328 towards Property insurance for HBL taken from SBI?

    I & my wife have taken a Jt. HB loan of Rs 28lacs from SBI at Pune in May 2011. Registration of the unbuilt flat is already done. SBI has already disbursed 75% to the builder for the construction. The possession will be in Dec 2012. Can we claim relief u/s 80c on shared basis for only INTEREST paid every month to SBI?

    Can we claim 80C this year for the current year instead of 24b in next 5yrs after possession.

  468. DINESH KUMAR GUPTA says:

    We both wife and me working as govt employee (Haryana & Punjab). Presently, we are living parental house. I have booked a flat in the name of my wife, 25% amount has been given and want to finance 75% (ie. 13 lacs) from the bank. Please inform me that both are eligible for tax exemption of the EMI paid, if yes, then in which ratio.

    Dinesh Kumar

  469. Rachana says:

    Yes, Sivakumar we need a clear law and clarification for such cases ….

    I request tax guru authority to reply to you as well as other who are facing similar situation.

    thanks,

  470. D.SUBBA RAO says:

    Dear Sir,

    House site is in my wife’s name. I have taken housing loan from bank and constructed house where my wife is also co-applicant for loan amount. My wife is not working. Can I get tax exemption.

  471. C S CHANDEL says:

    I am a defence officer and I am staying in govt house at the places of my postings. I have availed two Home loans for two different house properties. Please tell my eligibility for home loan interest rebate under section 24.

  472. Rajesh says:

    Hello,
    I have taken a house loan through private bank. The completion of the house construction is planned for Jul’12. However I have been paying EMI (not pre-emi) for last 2 years. I am not able to claim tax benifit on it. Any advice on it to claim this year for the interest amount would be helpful.

  473. jatin says:

    I took personal loan for construction of house for my parents. Can i get some tax relief for personal emi i am paying.

  474. iranchi Narayan Dash says:

    Dear Sir,

    My wife is Housewife. I have purchased a Piece of Land In her name from My own Fund.I have constructed one building on the said plot taking A loan From A Nationalised Bank.I took possession of the house in the year 2001.Loan availed was also in the Same year 2001.I had passed several Assesments since that period . Now A New ITO is disallowing the Interests Claimed saying that ” your are not the owner of the Property.”Hence Housing Loan Interest deductions are not allowable to you.He is also threating to reopen all previous assesments .I am paying all the EMIs from my own income.The entire house has been constructed from my own income.

    Am I now Eligible to get deductions for housing Loan Interests or not?

    Please suggest me what I can do at Present?

  475. PARAG JOSHI says:

    sir,
    I had purchased a house with my wife as co-applicant two years back on loan after two years also I am shocked to see that only a few thousand rupees of payment had gone to the principle component rest all has gone to the interest account and my emi is also increased from 11000 to 12599 which is too much at the time of raising the term n emi amount banks raise it instantly than y they don’t decrease it as the rates go down.my request is that RBI should take it very seriously as this is for public benefite.can i pay pay my increased amount by chk as i don’t want to touch the already going emi of rs 11000 by ecs.how much amount can b paid in a year out of my principal balance amount.
    thanks & regards
    parag joshi

  476. Sivakumar.K says:

    Dear Sir,

    I have been seeing like this article wherein every one mentiones that each of the co-owner can claim benefit u/s 24 to a maximum of Rs.1,50,000. I have also done this. But now I have assessment proceedings(for the year 2008-09), where in the AO says, the total amount of Interest claimed by husband and wife, cannot exceed Rs.1,50,000. i.e. the limit is not individual but composit (combined) and he is ready to allow only Rs.75,000 to each of us even though the actual interest paid is much higher. Please note that the property as well as loan is jointly owned. Need urgetly your help in some material or reasoning/basis on which I can say (you are also saying in your article) that both of us can claim Rs.150,000 (each)individually.
    Thanks in advance
    Sivakumar.K

  477. prashant says:

    dear sir, I hv booked flat 2 years back and started paying Bank EMIs reguaraly. I will get possession in the next months. Let me know How can I claim my paid EMIs for Income tax purpose

  478. Rakesh says:

    I purchased a house in the name of my wife and taken a loan in which she is co- borrower. I pay the full EMI. What I can claim exemption of interest and loan repayment?

  479. Vgoyl says:

    I live in India and my brother lives abroad. We want to buy a house in India under a joint ownership. My brother will pay for his share from his savings. For my share, I want to take loan from a bank. Pls. advise if the Banks will give me the required loan in such a joint ownership and will I be eligible for Tax Benifits.
    thanks.

  480. Valay Patel says:

    i purchese house with the joint name with my Mother, my mother have Govt. job. so EMI pay from my mother saving account. i have question that can i take tax benefit.

  481. Kumar says:

    I have taken a home loan jointly with my wife. property also registered in joint names. My wife is not earning. Shall I get total tax benifites.
    Please clarify. Thanks in advance.

  482. vimal jajodia says:

    sir pl reply my queary

  483. vimal jajodia says:

    sir i borrowed home loan from my friend and interest paid up yearly.can i interest claim u/s 24 as in limit 150000.pl reply on my mail address

  484. Ravi Shankar says:

    yes it can be claimed

  485. vimal jajodia says:

    sir i borrowed home loan from my friend and interest paying yearly.can i interest amount claim u/s 24 in limit 150000 pl reply

  486. Dr. Mruthyunjaya H S says:

    Suppose I have a home loan in joint name (with my wife) and she is paying EMIs. But she don’t want to take IT benefits and I would like to have 100% tax benefit (as her income is within the IT limit). How can we do this ?

  487. rk sinha says:

    my problem ia same. what is the answer///?

  488. ranjeet sharma says:

    i and my wife have taken housing loan jointly. can we claim rebate u/s 24(b) Rs. 1.2 each ?

  489. ranjeet says:

    sir,under which rule possession certificate from colonizer is required for getting rebate on income tax against house building advance.

  490. Shrikant Chaturvedi says:

    Hi!
    We had booked a flat in the joint name of my mother and myself. We had applyed for housing loan from a nationalised bank (UCO Bank).Now they putted a clause that for loan my sister also have to sign the documents and give the NOC.
    Thus I want to know that is there any rules for housing loan under this case.

  491. Sudha says:

    Hi Sir,

    I am not a co-owner of the house, but co-borrower of home loan. I am also paying some amount whenever I have surplus amount. Can I claim income tax exemption on interest under section 24?

  492. Back2Basic says:

    Sir my uncle has taken loan on house which is in name of his mother an dloan have jiontly taken on name of uncle anuty and their mother can my uncle get Principal amount rebate u/s 80C and Interest recate can be take or not As my uncle is salaried Employee in videcon Can he avail the REof Interest and Pricipal Amount

  493. Nidhish says:

    Sir my uncle has taken loan on house which is in name of his mother an dloan have jiontly taken on name of uncle anuty and their mother can my uncle get Principal amount rebate u/s 80C and Interest recate can be take or not As my uncle is salaried Employee in videcon Can he avail the REof Interest and Pricipal Amount

  494. Neeraj says:

    I have taken a joint home loan in my wife & myself name & paying EMI’s since last one year. I am staying in a rented house.Can I get the tax rebate on my Home Loan if yet not got the possession & still staying in rented house.

  495. Ravi nandula says:

    I am planning to take a home loan to construct a house ona plot. I have two queries:-
    (a) The plot is on my wife’s name, can i get a home loan for constructing a house on the plot.
    (b) In case i get a loan, will i get tax benifits for the EMI payments for the repayments of the loan.

  496. Ravi nandula says:

    I am planning to take a homeloan to construct a house ona plot. I have two queries:-
    (a)

  497. Gurudatt Kulkarni says:

    Dear Sir

    We had purchased a falt in Pune. Me and my wife is co-onwer where shares of each is not been mentioned in the agreement. However my wife is housewife and has no income source. All the EMI gets deducted from my sole salary.

    Am I eligible to get 100 % tax benefit in this case i.e. Principal upto 1 Lacs and Interest upto 1.5 lacs from my salary.

    Please advice. Also please guide if any written law or notifications in this respect is available.

    Waiting you early reply.

    Thanks in advance

    Gurudatt Kulkarni

  498. pavan says:

    I have taken a Home Loan on my father name. how ever The property owner is only My father.. am i eligible for the Income Tax benefit.. and if not..is there any solution? please help on this

  499. B Roy says:

    Me and my husband have selected a property in Kolkata.We have self occupied property in Mumbai.This is a resale underconstruction property tobe purchased as second property not to be rented.How much joint loan shud we take to maximise the tax benefit for interest exemption under IT Act..

    Thanks for your reply..

  500. admin says:

    If house is in the Joint Name also then both husband and wife can claim 50% each of interest paid under section 24 subject to maximum of Rs. 1,50,000/- each

  501. If both husband and wife employees have availed housing loan from same bank within single loan case for single self occupied house, whether interest deduction under sec.24 of I.T.Act upto Rs.1,50,000 each separately for both irrespective of fact that total of such deduction under single loan case for self occupied house exceeding the limit of Rs. 1,50,000/-. Being a DDO your esteemed guidance is solicited.

  502. Alpesh says:

    ours is a joint family in surat. my job is in mehsana. I want to perchase home in surat and want to avail home loan in surat. Can I get home loan tax rebate?

  503. uchwani kailash narayandas says:

    Sir,
    I n my wife both had taken jointly home loan, n for the financial year 2010-11 I had only paid all EMIs to bank from my indiviual salary a/c, in that case how much intrest on home loan and capital payment of home loan benif I can claim ?

    and please specity under which Income tax head I can claim.
    Becuase I had applied ful intrest benifit on my name for this F.Y. but my owner is not accepting that I can claim ful intrest benifit. He is ready to give only 50% benifit to me. So, what I will produced against him so that he will give full benifit (if I can claimbed)

  504. Virendra Jaiswal says:

    Hi, I have purchade a home in the name of my Wife (House Wife) and EMI paid by me.

    Can i get the Tax benifit againt the same.

    Regards,
    Virendra

  505. prasanna says:

    hi, my EMIs for home loan repayment started in August 2010 but I moved into the house on 1st Jan 2011 because the house wasn’t ready – furnishing, etc. was underway, Till this time (August ’10 to Jan ’11) I stayed in a rented apartment. Will I be eligible for 100% interest rebate paid for 5 months (aug-dec ’10)?

  506. deepak says:

    I have my housing loan in joint name of my wife, but I am paying of the loan EMI, Can I claim 100% of the repayment of the principal amount of loan as deduction under section 80C and deductio for the repayment of the interest portion of the EMI under section 24 of the Income Tax Act.

    thanks & regards

    Deepak

  507. Mukesh Mathur says:

    I have taken a home loan with my father & my brother. My name is second in home loan. Property is also on the name of My father, brother & me. The total repayment was done by my father during complete year on cash & cheque. Am I able to take 100% tax benefit on this repayment. Please advice me.

  508. Kaishul says:

    I have taken a Home Loan with my father (Father as co applicant).. how ever The property owner is only My father.. am i eligible for the Income Tax benefit.. and if not..is there any solution? please help on this.

  509. H M Khurana says:

    Ifa person purchases house in the name of his wife by raising funds from his CPF and loan from the bank jointly in the name of wife and himself( first name of the wife), The loan is being returned from his earnings. Kindly clarify if heis eligible for getting the rebate under section 80 c both for principal upto Rs100000/- and interest upto amount 150000/-

  510. S.K.Shrivastava says:

    Sir, I have taken a Home Loan of Rs. 15,30,000/- from SBI for Flat in the month of march 2010. The flat is under finishing satge still not handed over & hence not occupied. Bank is deducting monthly repayment of loan. So far 95,000/- as Principal and 1,00,100/- as intrest. what benefit should I get from Income Tax for this year i.e.2010-11
    My service place i.e. KHAPERKHEDA is different than my flate area i.e. NAGPUR but in same district @ 25 km away. I am residing in Co.’s qtr. and paying Qtr. Rent not Subsidised. Please tell me what benefit should I gate on Income Tax

  511. tarun says:

    I have taken a home loan – i use to take the interset deduction for the interest pain on loan.
    the EMI which includes the principal part also can i eligible for tax deduction under 80c.
    In nut shell my principal amoutn & the interest upto 1.5 lacs i can claim under tax deduction
    please advise or email me at sanmotratarun@yahoo.com
    9871032402

  512. sekhar says:

    I want to take home loan. But the plot is under my mothers name. Let me know am I eligible for Tax exemption?

  513. Ashok Kumar DT says:

    Sir,
    I have taken combined loan for purchasing site and construction of House in Oct 2007. The construction work is pending, not yet finished due to some personal problems. I stay in rented house at Bangalore and house being constructed in other district in Karnataka.Now my question is can I avail HRA rebate since I have not occupied the house. How many years of time can be availed for construction. I have obtained Principle & Interest portions details from the bank.

    Thanking you.
    Ashok DT

  514. CHIRANJIB MUKHERJEE says:

    Dear Sir,
    My wife has taken a housing loan from SBI and she is taking the tax benefits in the income tax. But the Bank shows my name in the loan statement as a first name and my wifes name as second. Can we both take the benefits of 80c during filing of the Income tax in the coming financial year. Please note the EMI is now being paid by my wifes business account. Should we change the bank and transferred to the joint SBI account for the benefits?
    Regards
    Chiranjib Mukherjee
    9330166064

  515. JK Saha says:

    Dear Sir,

    I am a Central Govt. employee and have bought a flat, from a renowned builder, which is still under construction. I have availed HBA from my office and also taking loan, my wife being co-applicant.

    Will I get tax benefit for the HBA availed (both principal & interest). Can I also avail 100 % tax benefit (both principal & interest), when my wife is not claiming any. It is also to say that I am the sole owner of the said flat.

    Regards

    JK Saha

  516. Satya Jeet Singh says:

    Before possession of house, am i eligible for tax benefit?

  517. biju vj says:

    sir,
    i am working in central govt. my wife have taken LIC policy before marriage, can i get income tax benift

  518. pavithra says:

    My Father in law having a lot of property .. but he did’nt maintain any proper income tax . so i want to take a legal action regarding this whom i want to contact .. could you please guide me and i want to the income raid department contace number

  519. pavithra says:

    My Father in law having a lot of property .. but he did’nt maintain any proper income tax . so i want to take a legal action regarding this whom i want to contact .. could you please guide me and i want to the income raid department contace number

  520. Sunil says:

    Hi, I would like to know whether a co-applicant is eligible for tax benefits?? My dad is the main applicant as the site was in his name and my mom’s name (joint applicant). But I am the co-applicant for the home loan taken for constructing the house. So am I eligible for tax benefit because he showed my salary and took the loan of 8 lacs additional to the loan what he took? I am planning to take a personal loan of 2 lacs. Please advise so that I can proceed with this.

  521. Kanchan says:

    i have my own flat and satying there. I am claimimg tax benifit for Interest Repayment. My mother is dependent and staying in a rented house and I ham paying the rent. Whether I can claim HRA Benift.

  522. Jayesh says:

    I have a house loan and I’m paying EMI, But the property registered on my wife name who is dependent on me.Can I getting a tax benefit.

  523. Rajeev says:

    Hi,

    With above comments i have few doubts, please clarify:

    1. I am planning to buy house with home loan under construction linked, it will be over by 2012. So under IT can we claim interest and principle. As property possession will be in 3 years from the date of loan disbursement FY ?

    2. As property is under construction and after that self occupied. For interest, can we consider income to be zero for calculation of interest deduction ?

    3. I am planning to buy house along with wife as co applicant. We will both take a single home loan and we have single joint account. Can we both claim interest from EMI under income from house property each upto Rs.1,50,000 (Total Interest for FY amounting Rs.3,00,000) and principal from EMI under 80C each upto Rs 1,00,000 (Total Principal for FY amounting Rs.2,00,000) ?

    Rajeev

  524. Nani Babu says:

    I’m a Govt servant Gruop A officer, I have purchased a house taking loan and I’m paying EMI, But the property registered on my wife name who is dependent on me. Our accouts poople says, I can not claim IT-Tax, why, is there anyway to get I-Tax benefit

  525. Anand says:

    i had purchase a home on my wife name and taken the loan from a HDFC Bank, and i am the co-applicant in this loan.i am paying the full emi from my owm account. she is not working and doesn’t take the benifit of tax rebate. Can i avail full tax benifit(Principal+interest) in my earnings.

  526. mohit malaviya says:

    i am purchasing a house on my wife’s name and i am joint applicant in both the aggrement with the seller & in home loan application whether i should get itax relief or not?

  527. sir,Ihave purchased a Flat{home}loan in LIC and registered on my name only but emi is being paid through my wife salary account.

    now , can my wife get income tax deduction ?

  528. JJNR says:

    I Took loan from LICHF of Rs 8.00 Lks,@9.25% interest rate for first 5 years (Total period 10 years).The EMI is aprox.10380/- .Is it correct.
    If so,What is the PRINCIPLE AMOUNT &WHAT IS THE INTERS AMOUNT PER YEAR.(To take IT Purpose).Kindly give reply.
    JJNR

  529. Naresh says:

    Dear sir
    I have taken a joint home loan with my wife for a flat in joint name (50:50). My wife is also working. I am paying whole EMI. The possession is 3 yrs away. This is our second house and first one (in other metro) is on rent. WE ourselves are on rent in this city.
    Now can both of us claim home loan benefits? If yes, how our HRA should be handled? What would be the limits for interest part of EMI in this case?

  530. arun says:

    Sir,I have take home loan with joint name in april 2010 on under construction house and will get the flat in dec2011
    my preEMI started from may 2010.Request you to please guide me with latest rules for home loan tax benefits so that i can take max benefits.
    Thank you in advance.

  531. Megha says:

    My husband and I are purchasing a house on loan. To make the personal contribution I would be borrowing a sum of Rs. 10,00,000/- from my brother. What are the income tax implications of these Rs. 10,00,000/-?

  532. pratish says:

    Dear Sir,

    I have just purchased a resale flat and taken home loan for that.
    I have investments under 80C (LIC+PF)=Rs.60,000/-. Considering this how much tax benefit is further possible declaring prinsipal and interest amount. what i heard that 1.5lakhs can be exmpted under 24B and only Rs.60,000/- (considering existing LIC & PF deduction) of Principal amount can be useful for tax deduction, is this right or it will be only Rs.40,000/-(capping of 80C considered as 1 lakh only)?
    Somebody also told me that now the capping for 80C deduction is raised to 1.5 lakhs (of which home loan principal amount of 1lakh will be considered under deduction).
    Request you to please guide me with latest rules for home loan tax benefits so that i can plan my partial prepayments to take max benefits.
    Thank you in advance.

  533. Arnab Basu says:

    Dear Sir
    I have taken a laon. 1st applicant is myself and 2nd applicant is my wife. At present I am living outside the country and my wife is working in India. Is it possible that my wife can take the full tax benefit for the Housing loan? And is it manadatory that the EMI has to be paid from her a/c only?

    thanks in advance

  534. Kiran says:

    My brother has availed Housing Loan and I am co-applicant. Can we both claim tax rebate? Ownership of the flat is in my brothers name. Please clarify. Thanks

  535. VA says:

    I have purchased aflat and taken loan both with my wife’s name as coapplicant.First 12 EMI’s will deduct from her salary account and rest from my account.In what proportion we can claim tax benefit for principal and interest part for the financial year.Let the EMI be 30000 per month.Thanks.

  536. GS says:

    My father owns a house in Bhopal.My father is retired.The house has single story. Now we want to build a second story for our future use. I will not be living in that house for coming 10 years. I have enquired with the bank for a home loan of about Rs 15 lacs and they have told me that I can get a home loan for building the first floor provided I am my father apply as co applicants.
    My question is will I get income tax benefit for the home loan in such scenario. Some people have told me that in case my father in his will writes the roof(ceiling) of the house on which the first floor has to be built, then I can get the IT benefit. Please advise if this correct and also what are the other possible options available to me and which one would be most beneficial to me. We do not want the registry of the entire house to be transferred from my father to my name .

  537. Ashish Telang says:

    I have booked a flat as a co-owner with my wife who is the owner. My wife being a bank employee has taken a bank loan on her sole name. Can I get the income tax benefit against the repayment of the loan paid from my wife’s sole name account?

  538. KKTN says:

    Hi,
    I had bought a home loan in 2005 and I used to get all the tax benefit for this but now I am planning to close the home loan by repaying all the amount, but after this I am planning to buy one more new house (which will be again used for self) on home loan, now my question is will I get the same tax benefit even for the 2nd home loan?

  539. pradeep says:

    Hi , i have taken home loan for construction purpose from HDFC BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.???

  540. Rajen says:

    Hi, You have clarified that income tax benefits of home loan principal and interest paid can be claimed “individually” in case of a joint home loan if the property is also owned and occupied jointly, EMI is paid in proportion from independent sources of income of both joint holders. However, the FAQs on the income site seem to indicate that the maximum limit is 1.5 lacs for interest and 1 lac for principal irrespective of the number of applicant / owners. Can you pls clarify this point.

  541. vipin says:

    I had purchase a home on my wife name and i am co-applicant. And loaon is on both’s name. The possesion is after 2 yrs.
    Can i avail tax benefit right now or I can avail it after possession?

  542. Shyamal Kr Kar says:

    it is stated,that I can claim deduction u/s-24 of income tax even if I take loan from my friends and relatives or unregistered society and pay interest for the amount of loan. but it is not clearly mentioned in the income tax book. so kindly help me to find out such book so that i can show that book to my head of office and can avail the facility of tax rebate….

  543. Prats says:

    Currrently home is in father’s name. If I want to purchase 50% of the ownership of the flat, can I get home loan for it? If yes, will I be able to claim tax benefit associated with home loan?

  544. SUN says:

    Hi All,

    I have bought a house in my wife’s name. Where i am the co-applicant. They are deducting the EMI from my wife’s account. Kindly let me know, whether can i avail Tax Exemption, if Yes, how to go about that.

    Thanks

  545. M. SUNDARESAN says:

    Sir, can i get the income tax benefit if i take housing loan for repair of the house.

    Kindly clarify to me at the earliest.

    Regards,
    M. SUNDARESAN

  546. Esakki Rajesh says:

    I had taken a loan of INR 6.9 Lakhs for renovation of my family house at my native for which I pay an EMI of Rs.8K per month 6 months back before my marriage. My dad is the applicant and I am the co-applicant. My dad does not have any source of Income.

    Now, I have purchased a house in Chennai and the loan I have received is INR 26.5 Lakhs for which I am to pay Rs.24K pm as EMI with my wife as applicant and me as co-applicant.

    Due to operational reasons I plan to stay in a rented house for the next two years and I am to rent this new house which is far from my place of work.

    Now, my question is that can I can tax benefits for both the houses? If so is there any cap on it?

    Thanks,
    Esakki

  547. Kannan says:

    I have taken a Home loan jointly with me and My wife it is self occupied property.
    I paid Principal Component rs 203959.47 and Interest Component 253944.53 for this F.Y., Hence I can clime Principal Component rs 101979.735 and Interest Component 126972.265 as 50% share. Up to last year my company allowed the above interest component ratio , but this year they said I can clime only Rs 75000 part of interest paid as 50% share and it is maximum 1.5L allowed for Joint loan

    Can I clime entire 126972.265 in interest part?

    Is my company correct if wrong how can I challenge them with some Income tax evidence?

  548. Nitin says:

    Dear Sir,
    I have my dependent mother as co-owner and applicant in the house I purchased. All the EMI is going from my account can I claim the 100% interest and principal benefit in this case.

  549. Sandeep Pathak says:

    i had purchase a home on my wife name and taken the loan from a HDFC Bank, and i am the co-applicant in this loan.i am paying the full emi from my owm account. she doesn’t take the benifit of tax rebate. Can i avail this tax benifit(Principal+interest) in my earnings.

  550. I have taken a housing loan. My wife is prime applicant and I am co-applicant. The EMI is being paid from my wife’s bank account. My wife is not claiming the tax rebate on this.Can I claim tax rebate on the housing loan on which i am co-applicant? I am arranging the money for bank account of my wife. My company says that you can not claim because EMI is going from your wife’s bank account. My house is on my wife name. Kindly help me…

  551. santhakumar says:

    I have purchased a home on name of my wife and have taken loan on wife name. Can i take Income Tax Deduction ?

  552. G.S. Luther says:

    Sir, I am a Banker and I had availed Housing loan for construction in Ground floor which I completed during the year 1998 for which I pay yearly interest of Rs. 16000/ and installment Rs. 22000/-. Again I borrowed capital for extension of my house on First floor which I completed during the year 2009 and yearly interest for the second construction comes to 32000/- and installments Rs. 70000/- Please let me know the total interest deduction and principal amount. Shall I get the benefit of interest/installment on Second construction.

  553. Sankar Naskar says:

    I have taken H/Loan Rs. 3.5 lacs from my office in 1997,EMI is Rs.1950 p/month and getting income tax benifit.Now I have booked another flat,received H/Loan from SBI Rs.12 lacs,paying EMI is Rs. 12744.00 p/month from January’2008.This flat is under construction, may be completed on April’2010.I am paying more interest than first H/Loan.
    Could I get the income tax benifit from 2nd. Home Loan which is under construction.Thanking you. Awaiting your early reply.

  554. Manoj says:

    My question is that My father & myself have booked a Flat–which is under construction.

    I am the joint owner of property(2nd name is mine).

    Can I pay 100000/- of the principal amount and claim as deduction u/s 80 C?

  555. Interest Prior to construction will be eligible for deduction in next 5 years equally and Interest post construction will be eligible to deduction in the year of payment but both interest will be subject to overall limit of Rs. 1,50,000/-.

    Payment towards principal will qualify for deduction U/s. 80C up to the maximum of Rs. 1,00,000/-.

  556. Praveen says:

    Hi, I have taken a hosuing loan in 2008 but i got the house competed only in 2009. How to claim benifit the internet and capital paid during the 2008-2009 fin year

  557. Benefit of interest on housing loan can be claimed only by those who are the owner of house property. Loan should be in there name too and they should make payment from there bank account.

    In You can since Loan is in the name of your wife and mother so they only can claim interest benefit.

    instead of paying loan from your account you should transfer the amount to there account and from there EMI can paid by your wife and mother proportionately.

  558. A Biswas says:

    I am planning to buy a house property which I would like to register in the name of my wife and my mother. The loan application will be jointly by me, my mother, my father and my wife.

    The EMIs to the lender will be paid out from my sole bank account and will later be replenished 33.33% each from my mother and my father. The total interest payment in a year is likely to be more than Rs 4.5 Lacs.

    Question 1: In the above situation, can all three of us claim Rs 1.5 Lacs each under section 24?

    Question 2: Is it mandatory to also be a co-owner of the property to claim the deduction u/s 24 or is it sufficient to only be co-applicants in the loan?

  559. Yes. Put of Total Payment interest component will qualify for deduction from Income from House Property. Principal loan payment will qualify for deduction u/s. 80C. You will also get deduction in respect of stamp and Registration charges paid u/s. 80C.

  560. arun kumar nm says:

    i have taken a sbi housing loan Rs 3,00000, my emi 4000, any income tax benifit if any ?

  561. Santosh Shirsat says:

    Dear Sir
    Is it possible that I claim the Interest part on the loan and my wife claims the Principal Part of the Loan,while filing her return.
    The loan is wholly paid by me and my wife is a co-applicant.
    Thanks for your kind response.

    regards
    Santosh Shirsat

  562. No. The same will not be allowed to you.

  563. ANIL SHARMA says:

    I have purchased a home on name of my wife and have taken loan on my name. Can i take Income Tax Deduction ?

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