Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA.
Q-1 What are Income tax benefits of taking and repaying a housing loan under EMI Plan?
You will be eligible to claim both the interest and principal components of your repayment during the year.
- Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 200,000 (Rs. 150000/- up to A.Y. 2014-15) or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house)
- Principal can be claimed up to the maximum of Rs. 150,000 (Rs. 100000/- up to A.Y. 2014-15) under Section 80C. This is subject to the maximum level of Rs 150,000 (Rs. 100000/- up to A.Y. 2014-15) across all 80C investments.
- You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same.
Q-2 If I buy a house jointly with my wife and take a joint home loan, Can we both claim income tax deduction?
Ans:-Yes, if your wife is working and has a separate source of income, both of you can claim separate deductions in your income tax returns.The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1.50 (Rs. 1 Lakh up to A.Y. 2014-15) lakh individually by each co-owner.
In cases where the house is owned by more than one person and is also self-occupied by each co-owner, each co-owner shall be entitled to the deduction individually on account of interest on borrowed money up to a maximum amount of Rs. 2 lakh (Rs. 1.50 Lakh up to A.Y. 2014-15). If the house is given on rent, there is no restriction on this amount. Both co-owners can claim deductions in the ratio of ownership.
Q-3 My husband and I have jointly taken a home loan. He pays 75 percent of the EMI. What will be our individual tax benefits?
Ans: – As you have taken a joint home loan, both of you are eligible for tax exemption for your share of the EMI paid. For claiming income tax deduction, the EMI amount is divided into the principal and interest components. The repayment of the principal amount of loan is claimed as a deduction under section 80C of the Income Tax Act up to a maximum amount of Rs. 1.50 (Rs. 1 Lakh up to A.Y. 2014-15) lakh individually by each co-owner. The repayment of the interest portion of the EMI is also allowed as a deduction under section 24 of the Act, which is given under the head “income from house property”. In case you are living in the house for which home loan is taken, both of you shall be entitled to deduction in the ratio (3:1) on account of interest on borrowed money up to a maximum of Rs. 2 lakh individually (Rs. 1.50 Lakh up to A.Y. 2014-15). If the house is given on rent, there is no restriction on this amount and both co-owners can claim deduction in the ratio of ownership- 3:1 in your case.
Q- 4 plan to buy a house by raising loans from friends and relatives. Will I be eligible for tax benefit from all sources?
Ans: – Interest payment to friends and relatives can be claimed u/s 24 but only against a certificate received from them. In the absence of the certificate, you would not be eligible for the deduction. The recipient of interest income who issues the certificate is liable to pay tax on the interest income that he receives. As far as the principal payments are concerned, they would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions.
Q- 5 What are the tax benefits that I can avail of for repaying a home loan ?
You will be eligible to claim both the interest and principal components of your repayment during the year.
- Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 200,000 (Rs. 1.50 Lakh up to A.Y. 2014-15) or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house).
- Principal can be claimed up to the maximum of Rs. 150,000 (Rs. 1 Lakh up to A.Y. 2014-15) under Section 80C. This is subject to the maximum level of Rs 150,000 (Rs. 1 Lakh up to A.Y. 2014-15) across all 80C investments.
- You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same. Double Benefit on Taxes on Housing Loan
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. House Rent Allowance (HRA) benefit
Of course, you can claim tax benefits on the home loan only if your home is ready to live in during that financial year. Once the construction on your home is complete, the HRA benefit stops. If you took a home loan, got possession of the house, have rented it out and stay in a rented accommodation, you will be entitled to all the three benefits mentioned above. However, in this case, the rent you receive would be considered as your taxable income.
Q- 7. I have a home loan in which I am a co-applicant. However, the total EMI amount is paid by me. What is the total income tax exemption that I can avail of ?
Yes, you can claim income tax exemption if you are a co applicant in a housing loan as long as you are also the owner or co owner of the property in question. If you are only person repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). You should enter into a simple agreement with the other borrowers stating that you will be repaying the entire loan. If you are paying part of the EMI, you will get tax benefits in the proportion to your share in the loan.
Q- 8. I have two housing loans on two different properties. Can I get tax rebate under sec 80 C of both the loans?
Yes, you can get the 80C benefit on both loans. However, the total amount that you will be entitled to will be a total of Rs 150,000 (Rs. 1 Lakh up to A.Y. 2014-15) across both the homes.
The interest paid on a home loan is not directly deductible from your salary income for either of your flat loans. Income from house property will be calculated for each flat you own. If either of theses calculations shows a loss, this loss can be set off against your income from other heads. Please note with effect from financial year 2017-18 Govt has restricted the limit of set off of loss from house property against other heads of Income to Rs. 2 Lakh. Till financial year 2016-17 there was no restriction and assessee was allowed to set-off any loss from house property against other heads of Income. Please note the restriction is placed on set-off of losses and not on the amount of home loan interest that can be claimed as a deduction under Section 24 for a rented house property, the losses which could arise on account of such interest repayment can be set off only to the extent of Rs 2 lakhs. Such loss in excess of Rs. 2 Lakh can be carried forward for upto 8 Assessment Years succeeding the year of loss and can be set off against Income under the head House Property.
As for Section 24 deduction, on your self-occupied house you can take advantage of interest payments up to Rs.2,00,000 (Rs. 1.50 Lakh up to A.Y. 2014-15). For the other property, you can claim actual interest repaid, there is no limit for the same.
Q- 9.I live in Delhi in my own house. In 2011, I took a housing loan to fund the purchase of an under-construction flat in another city (Faridabad which comes under National Capital Region of Delhi but otherwise falls in Haryana). It is expected to be completed in FY 19. I haven’t claimed any tax benefit so far. What happens to the loan installments I have paid so far? Can they also be claimed for tax benefit?
According to the Income-tax Act, 1961, where the property has been acquired or constructed with borrowed capital, the interest payable on such capital for the period prior to the year in which the property has been acquired shall be allowed as deduction in five equal instalments beginning from the year in which the property is acquired. Thus, the interest included in the loan instalment paid by you during the construction period shall be eligible for deduction from the year in which the flat is acquired/construction is completed.
The principal amount of the loan repaid till date shall not be available as a deduction under section 80C till the time the construction of the flat gets completed. Once the flat is completed and the possession is handed over to you, you will be eligible to claim deduction for interest paid on the loan under section 24(b) and principal amount of loan under section 80C. The total amount of deduction available under section 80C shall be limited to Rs. 1.50 lakh (Rs. 1 Lakh up to A.Y. 2014-15). Thus, as of now, you are not eligible for any tax benefit on such loan repayments.
Q. 10 Is there any additional deduction which I can claim in respect of Interest on Housing loan in addition to interest Under Section 24(b)?
Ans. Finance Minister inserted a new section 80EE 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 A.Y. 2017-18 & subsequent assessment years till the loan is repaid. 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)
I need to know that if i am showing the preEMI interest after construction in 24B section then will the bracket of 2Lks will be increased or not.
Sir, I have taken a loan against my name on my parental property (my father is actual owner). My parents are not capable of paying the EMIs and they need to construct the house and for that I have availed load for them on my name. I wanted to know since I am paying the entire EMI of loan amount, can I avail tax benefit of the load amount.
sir ji
i have taken housing loan in 1998 and it is to be finished in 2015- 2016 fianance year.now i want to sell my this house and want to do new construction for house on my other own plot. can i get second time benefits for income tax rebet.and
Also i am salaried persone and after 12 year i will retire how many ammount of loan will i get with 10,40000 per annum income..
I have booked a flat which will be handed over to me after approx 4 years. My home loan emi has been started. Can I take any tax rebate on the interest paid by me?
Hi,
I have taken a flat and it’s under construction, it’s going to take another 1 year to complete but my loan for first installation started. Can I taken a tax benefit for this year. Please suggest
I am residing with my parents in a property of 2000 Sq Feet approx.
My father is having entitlement of Ownership
We want to construct 1st Floor. Hence we want to know the applicability of IT Rebate for both of us:-
Case 1 –
We take joint Loan & I become the applicant
Case 2 –
We take joint Loan & I become the co-applicant
Case 3 –
I take the loan for building the house though property ownership lies with my father.
Regards
Arvind Yadav
I have purchased a flat with my name and taken Loan with joint account of my father.
Can my father avail a tax rebate?
Sir,
I have taken home loan. If I take government concessional accommodation , then Can I claim tax rebate on home loan.
Thanks
I have flat after availing Bank loan in Kolkata and have been availing interest and instalment reliefs. I have another flat jointly owned by three family members (My investment is Rs12lac and 20% is my share)in Bangalore after availing Bank Loan.Both the properties are occupied by our family members and not let out. I am a pensioner and use to reside in both the houses for my rest and recuperation. I have pension and inerest income.
Query :
*Whether both the houses are classified as self occupied
*Whether interest paid in bank loan can be availed as interest relief from tax.
*Whether Ishould be outside perview of wealth tax as my investment is below Rs30lac
I have purchased a home on name of my wife and I am a co borrower when we taken a loan. My wife is not working now, can I utilize , Principle and Interest amount for my Income tax purpose.
Thanks in advance.
Dear Sir
I have a query. I own a house in my city but i have moved to a rented place due to i am getting my own house reconstructed from the beginning after demolishing previous structure. This may take 1-2 years of time to complete the new portion. I was also having bank home loan on my owned house which i have fully closed this year in May month by making balance part payment of INR 53000/- . Presently i am paying rent of INR 7000/- per month from April 2016 onwards. Would request you to advise on below :-
(1) Can I avail tax rebate on both H.L (Principle & interest ) along with HRA paid in my current financial year as i am a working professional for a corporate company till i move back to my own house. ( 2) Any time limit for me to avail this joint tax rebate benefit and any documentary supporting required for the same .
Your prompt reply shall be highly appreciated.
Thanks & b/regards
Dheeraj Jain
Sir,
I intend to buy a land for which i applied land loan in india home bulls…I dont intend to build house but would like to re-sale the land in near future..Can i use the land loan for tax exemption?
Dear sir,
I have taken a housing loan for Renovation. My wife is prime applicant and I am co-applicant.. 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? My house is on my wife’s name. Is tax rebate aplicable for housing renavation loan.Kindly help me.
Regards
Shajan S
Sir,
i have taken a home loan on financial 2013-14.i will registered my property on july ‘2015.Now how i can claimed my entire tax benefit? i have not claimed the benefit yet. i am a service person.
pls suggests some advice regarding it.
Can Co-Operative Housing Society who is received rent from reliance as Tower Rent
can take benefit us 24 (a) & 80P (d) & 80P (2)?
Purchaged on wife name.taken joint loan
I already own a house and planning to buy another one. The loan on 1st house is almost repaid. Can I claim income tax benefit under sec 24 for interest and sec 80C for principal? Also if we take joint loan in my and wife’s name can we both calim this benefit on the 2nd home?
Sir,
I and my father has taken home loan and is registered in the name of my mother. Is I am eligible for income tax rebate?
kindly notify me in this regard.
thanking you.
I have purchased a flat registered on my wife’s name (house wife), loan was applied jointly. I am paying EMI from my saving account. Can I take tax benefits.
I have purchase a house in Punjab in nov14. Amount Rs. 24 Lacs. I have taken 17.78 lac Home loan to purchase this house. My EMI is Rs. 17300 Per month for that.
I got a flat in DDA housing Scheme 2014. Cost of flat is Rs. 14.80. I have taken 13 Lac to purchase this flat in Apr15.
I am staying in Chandigarh on rent. Amount Paying Rs 8000 per month.
I am salaried person.
Kindly advice me, how to show in my company. Both Home loans & only single home loan.
Dear Sir,
My question is that
1-My son & myself have booked a Flat–which is under construction in Noida –
2- Token money + house loan sanction , paid to the builder
3- Builder paid us interest @ 1% of total amount upto the date of possession
4- We have pay Interest on sanction / paid house loan to the bank wef. May 2015
Question 1- Can we entitle for benefit on interest paid (Can I Claim tax benefit u/s 24) ? and or
Question 2- Interest paid by builder to us is fully taxable income ?
(Both are salaried emp.)
Hello Sir,
I have taken home loan of amount INR 20,00,000/- from SBI and now EMI is started. Now my father-in-law want to pay the whole loan amount and later on I will gifted the Home to him. Now since whole amount is transacted in my savings account do I have to declare TDS. If so what is the tax I have to pay and is there any way to exempted tax.
Regards,
Samiran
I have housing loan and registered in name of both me and my wife. I was taking housing loan benefits for last four years but now i do not want to take housing loan benefits now as interest is <INR 2.0lakhs. I want to take HRA on this house by showing my wife name as owner but registry is on both name me and my wife. Can it be possible.
I had taken a loan for under construction property in FY 2011, and first disbursement was done in august 2011. Till now I haven’t got the possession but I am expecting it in next 4-5 months. 95% of the payment has already done to builder. The last disbursement from bank was done in Jan 2013.
Now my questions are as follows,
1. Will I get any income tax benefit on the interest amount I paid till now (assuming I get possession in august 2015). If yes, in total how much I can claim for current year including current year interest paid.
2. Does the 3 year clause for loan taken till possession counts from first disbursement of loan or last disbursement of loan.
3. If I change/transfer my loan to another bank, will I still get tax benefit for the interest I previosly paid.
Regards
Atul
Hi I bought an under construction property in Jan 2013 I got home loan sanctioned in Mar 2013.PRE EMI paid in april 2013, My first EMI paid in JAN 2015. but I will still stay in rented place for the rest of the year because the society is not developed completely. I’ve not rented out the house yet and have no plans to rent it out. Please note that both the houses are in the same city. Please let me know what benefits can i avail in FY 2015-2016, if I continue to stay in rented house and do not rent out my purchased flat.and I am getting the benefit for income tax.
Hi, I have a question regarding a loan taken in 2010 for which I got the possession in Apr’15
I am not clear about the extent of deductions. Some of the articles suggest that since it’s been >3 years, I can only claim deduction to the tune of 30, 0000.
What about the interest which I have paid till date (2010 to Apr’15)
What about the principle repayment ?
Cost of property is <40 L
I have taken Loan in APR-15 and property will be hand over to me in SEP-15
Can I claim deduction for total interest paid in APR-15 to SEP-15 for FY 2015-16
I have taken home loan for construction of plot. As plot is of my mothers name. i am co applicant. my mother is pensioner. by i am one who pay all the emi. so whats the tax benefit in my case as i am not co-owner or owner of property.
Dear Sir,
I have purchased a house for residential purpose jointly with my wife in delhi. We have declared that we share the tax benefits on a 50:50 basis.Both husband and wife are working in u p state govt. sector & central govt. respectively. Now the CA at my office gives me a tax exemption on interest part for only rs.1.0 lac; while my total interest part per annum is more than 4 lacs. When I told him both of us are eligible for an exemption of interest part upto 2.0 lacs, he asks me to show the Income Tax rule. can any one provide me with a link to any such official document to subtantiate my claim with the CA. .
please help.
sksingh
– See more at: https://taxguru.in/income-tax/faq-on-housing-loan-and-income-tax-benefit.html#sthash.nvLbnqzF.dpuf
I and my husband have purchased a home on my name but we both are the loan applicants. Can we both take Income Tax Deduction ?
Sir,
I ake a home loan from my brother on 02 nov 2013 and I paid the interest 100000 approx on 18% of interest pa Can I take Income Tax Deduction ? Brother not a finicial business registred if take deduction what are certificate required and can certificate are notery
I have taken a home loan on Property B on which construction will be over in 8 weeks time and taking possesion. The current ( own) house ‘A’ in which i am staying will be rented and i will be moving to the new house ‘B’. Can i link the house benefits and claim unlimited interested waiver on tax, taking into account rent recieved from the rented house as income ?
Sir
I am central government servant and the only earning member in my family. My wife is a house wife and has no source of earning. I have purchased a flat recently in the joint name of my wife and myself. In this process we have jointly borrowed a home loan from hdfc bank. I shall be paying full EMI from my salary account. Kindly let me know the tax benefits, I can claim if I declare share of my wife as 50:50. Alternately what is the way by which I can claim full tax benefits for complete repayment of EMI.
R.K.Verma
Sir
I am a central government employee and sole earner of my family.My wife is housewife with no income from any source. I have purchased a flat in the joint name of my wife and myself. We both have borrowed home loan jointly from bank. Being the only earning member, I shall be making repayment of full EMI from my salary account.kindly let me know if i can claim full tax benefits on repayment of complete EMI if I declare share of my wife as fifty fifty in my declaration. Or I have other way to claim full tax deductions under section Eighty C and Section twenty four.
R.K.Verma
Myself and wife are employed in Mumbai. Wife has a flat in her name where we stay. We paid from our savings for this flat at a time our income was not yet in the taxable bracket. So no tax benefit was available.
I have a land property in Kerala on which we are constructing a house for our retirement life. By now my wife’s salary income is taxable and she pays more than Rs.50000 by TDS.
Can we take a loan for the completion of the house at native place and get tax exemptions to my wife ? What documents will be required for making her eligible for exemption ?
Hi,
I have purchased a flat in 2011 and taken home loan. Construction is getting delayed and it is yet to be registered in my name. As per the act I will be getting tax benefit of Rs 30,000 only instead of Rs 2,00,000 since it is more than 3 yrs since loan start date.
What options do I have to get full Rs 2,00,000/- exemption? If I move the loan to other bank will I get full exemption.
Please advise. Thanks in advance for your advise.
1. I have purchased (Jointly with spouse) a under construction flat (1st Property) in Year 2012 in one city (Pune) and supposed to get possession in end of Year 2015, I have closed the home loan for this in year 2014 and according to the rule I will get tax benefit on interest after possession in five equal installment, no doubt on this.
2. I have purchased (Jointly with spouse) a flat in 2015 ( 2nd Property) in other city Mumbai and in old building and got possession and my spouse (family) is leaving there, I am paying entire EMI so can I avail tax benefit on interest rate up to its Max limit 2,50,000 ?
3. I am (Only me) living at pune in rented portion, can I also avail HRA benefit as well?
In 2009 I have taken one home loan to construct a house in my home town. It’s a joint loan with my father and I am repaying 100% (EMI 12000) and claiming the income tax benefits. Currently my parents are staying in that house. In 2013 I have taken another housing loan (EMI 33000) to purchase a flat in Bangalore. It’s a joint loan with my wife and we are paying 50% each. In this case what is my eligibility for the tax exemption? currently i am utilizing only 70000/- as interest out of 2L.
Dear Sir
I have taken loan in the year 2010 for house under construction and house construction completed in the year march 2015. Im i entitled for section 24 or not . I am all ready taken the benefit from 2011 to 2013.
Hello,
How many years i can claim tax benefit on Interest paid on my home loan.
/Kiran
I have taken loan in the year 2009 for house under construction and house construction completed in the year march 2015. am i entitled for section 24 or not
Hi
I bought an under construction property in Jan 2015. I got home loan sanctioned in Mar 2015. My first EMI will be paid in May 2015. I got the possession of the flat in Mar 2015, but I will still stay in rented place for the rest of the year because the society is not developed completely. I’ve not rented out the flat yet and have no plans to rent it out.
Please note that both the houses are in the same city.
Please let me know what benefits can i avail in FY 2015-2016, if I continue to stay in rented house and do not rent out my purchased flat.
Sir,
I have purchase a house in Ahmdabad(Gujarat) in 2010 of 10.50 Lacs including Regestry charges and having loan of 8.0 Lacs.
since 31.03.2015 i have paid installment & Approx 2.75 Lacs as principle. Now i have dues approx 4.00 Lacs only.
Now i want to sale my house and invest in some other property. My present house cost is not having any appritiation since last year.
if i sale my house in 13-14 lacs, shall i able to get any benifits if i sale house in loss.
as i understand ifi paid balance amount my total payment to bank is more than present sale price.
Need you kind advise please.
Hi Sir,
Can I eligible for Income tax deduction benefit under section 80C, 24, 80ee etc for construction of house by loan taken from bank against land which is registered in my mother name.
sir,
i want to buy a shop through loan. Kindly guide me in this regards.
it will provide same benefit of section 80C and 24 of home loan for the commercial property loan?
Dear Sir,
I have home loan for under construction property , it will be compelted in 2017.
Can i am claim for tex benifit for home loan pricipal amount and intrest against my under construction property in this financial year 2014-15.
regards
divesh
Hi,
I was claimed 80c -15000 only ie including tuition fees lIC premiums ,due to non taking of home loan and others I was deducted at an amount of Rs.95000/-from my CTC for this FY 14-15.
Please suggest on purchase of home and limit,now Iam living in rented house.
Hi
I bought an under construction property in Dec 2012. I got home loan sanctioned in Jan 2014 (Till then I paid using my own fund). My first EMI was paid in Feb 2014. I got the possession of the flat in Feb 2015. Though I’ve got the possession of the flat, I still stay in rented place due to society not developed completely. I’ve not rented out the flat yet. Can you tell me what all benefits do I get? Note that I’ve already got benefit for HRA till Mar 2015. Also note that both the houses (one I’m staying on rent and one I’ve purchased) in question are in the same city.
1) Since I got possession in Feb 2015, do I get tax exemption for interest and principle paid from Apr 2014 to Mar 2015? If yes, what about HRA benefit that I’ve already received? If no, can I claim total interest/principle paid starting from Feb 2014 to Mar 2015 in 5 equal installments for next 5 years?
2) In coming year FY 2015-2015, if I still continue to stay in rented house and do not rent out my purchased flat, what benefits am I eligible for in AY 2016-2017?
I’ve asked this question to multiple people but have never received satisfactory reply. Also, it would be great if you can provide some references behind the suggestions you provide.
Hi
I bought an under construction property in Dec 2012. I got home loan sanctioned in Jan 2014 (Till then I paid using my own fund). My first EMI was paid in Feb 2014. I got the possession of the flat in Feb 2015. Though I’ve got the possession of the flat, I still stay in rented place due to society not developed completely. I’ve not rented out the flat yet. Can you tell me what all benefits do I get? Note that I’ve already got benefit for HRA till Mar 2015.
1) Since I got possession in Feb 2015, do I get tax exemption for interest and principle paid from Apr 2014 to Mar 2015? If yes, what about HRA benefit that I’ve already received? If no, can I claim total interest/principle paid starting from Feb 2014 to Mar 2015 in 5 equal installments for next 5 years?
2) In coming year FY 2015-2015, if I still continue to stay in rented house and do not rent out my purchased flat, what benefits am I eligible for in AY 2016-2017?
I’ve asked this question to multiple people but have never received satisfactory reply. Also, it would be great if you can provide some references behind the suggestions you provide.
hi
I have purchased under construction flat on may-14, taken home loan from axis bank, flat possession will be given on Sept-15. Bank has disbursed Amount Rs 110,000=00 approximately, i have already started my tranche EMI from month june-14 till now well before possession. Now as per Income tax law i will get tax benefit only after flat possession. Requested to guide when and how will we take benifite.