FAQ on Housing Loan & Income tax benefit
- Thursday, April 19, 2012, 9:10
- Income Tax
- Articles
Q-1 What are Income tax benefits of taking and repaying a housing loan under EMI Plan?
You will be eligible to claim both the interest and principal components of your repayment during the year.
- Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 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:
- Tax benefit on principal repayment under Section 80C
- Tax benefit on interest payment under Section 24
- 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 2007, 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 FY13. 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?
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.
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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.
Related posts:
- Tax & Loan Eligibility benefits from Home loan in Joint Names
- Builders need to pass on Housing tax benefit to home buyers otherwise benefit may not be extended in future
- Plan your Home Loan Payment Schedule to take maximum tax benefit
- Slowdown in housing loan uptake due to interest rate hike – National Housing Bank
- Calculators For Wealth Tax, Home Loan Interest And Home Loan Interest Benefit, Ratio, IRR, MIRR, Financial, EMI, PT, ESIC, PF, World Time & Others
I have purchased a home on name of my wife and have taken loan on my name. Can i take Income Tax Deduction ?
No. The same will not be allowed to you.
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
i have taken a sbi housing loan Rs 3,00000, my emi 4000, any income tax benifit if any ?
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.
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?
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.
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
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/-.
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?
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.
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.
I have purchased a home on name of my wife and have taken loan on wife name. Can i take Income Tax Deduction ?
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…
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.
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.
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?
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
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
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
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?
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….
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?
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.
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.???
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?
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?
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 .
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.
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
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
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.
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/-?
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.
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?
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
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 ?
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?
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.
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
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
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.
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.
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.
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
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
sir,
i am working in central govt. my wife have taken LIC policy before marriage, can i get income tax benift
Before possession of house, am i eligible for tax benefit?
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
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
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
I want to take home loan. But the plot is under my mothers name. Let me know am I eligible for Tax exemption?
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
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
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/-
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.
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.
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
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)?
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
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)
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?
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.
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
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..
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
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
I am planning to take a homeloan to construct a house ona plot. I have two queries:-
(a)
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.
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.
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
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
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?
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.
sir,under which rule possession certificate from colonizer is required for getting rebate on income tax against house building advance.
i and my wife have taken housing loan jointly. can we claim rebate u/s 24(b) Rs. 1.2 each ?
my problem ia same. what is the answer///?
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 ?
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
yes it can be claimed
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
sir pl reply my queary
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.
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.
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.
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?
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
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
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
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?
I took personal loan for construction of house for my parents. Can i get some tax relief for personal emi i am paying.
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.
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.
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.
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,
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
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.
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 .
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?
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.
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?
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
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.
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
Can we get benefitr for paying Housing loan which is in the fathers name???????/
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.
i think deduction under section 80c and allowability of interset will be available to the person who pays the money.
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
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.
hi – Can i claim any deduction during the period of my EMI payments but possession of property is still not in my hands
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.
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.
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
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
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?
Sir pls give me a rply as soon as possible…..
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
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.
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
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
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
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
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.
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.
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
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
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..
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.
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.
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
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.
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.
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
Deduction of Housing loan Interest is not per House, its per Assessee.
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?
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..
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.
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.
I have 2 home loans and the instalment i pay is Rs. 8843 & 4939 respectively, can i get tax benefit under under 80c.
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
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
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.
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
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…
my hbl with my wife (co owner)who is a house wife.may i take the total rebate from the EMI?
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………..
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.
i have take a house maintanace loan taken from a registed socity .repayment amount havebe tax deduction or not ? PLEASE REPLY SOON…ITS URGENT
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
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
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?
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?
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?
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
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
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.
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
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
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.
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.
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)
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.
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.
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 ?
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.
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
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
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?
Are you really answering our questions? because till today i have not recived my reply
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.
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?
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???
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.
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.
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.
property is in my mothers name, i am only son, i am paying emi , cani get tax benifit,
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.
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
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/-
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
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…
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
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.
Is it possible to get possession certificate of the house after completion of the building where the occupancy certificate is not issued.
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.
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
I have taken a RESIDENT LAND PURCHASE LOAN from HDFC , can i claim the interest pain under section 24?
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
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?
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?
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?
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
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
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 ,
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.???
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.
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.
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……………….
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……………….
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
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) ??
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.
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?
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.
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…………..
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) ??
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.
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.
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.
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.
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
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.
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?
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.
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.