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

Popular Search – home loan tax exemption, interest on housing loan deduction for ay 2019-20, housing loan interest deduction for ay 2019-20, interest on housing loan deduction for ay 2019-20, housing loan interest deduction for ay 2019-20, section 24 of income tax act

Things you must know about tax benefits on home loan

1. Home loan borrowers are entitled to tax benefits under Section 80C and Section 24 of the Income Tax Act. These can be claimed by the property’s owner.

2. In the case of co-owners, all are entitled to tax benefits provided they are co-borrowers for the home loan too. The limit applies to each co-owner.

3. A co-owner, who is not a co-borrower, is not entitled to tax benefits. Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.

4. Housing companies usually require all co-owners to be joint borrowers to a home loan. Loan providers specify who can be a joint borrower for a home loan.

5. The tax benefit is shared by each joint owner in proportion to his share in the home loan. It’s important to establish the share for each co-borrower to claim tax benefits.

6. The certificate issued by the housing loan company, showing the split between principal and interest for the EMIs paid, is required for claiming tax benefits.

(Republished with Amendments)

 

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939 Comments

  1. Purushottam Itare says:

    Sir Good evening,
    I am gov.servent.In my form 16 housing loan intrest is showen deducted. That is Rs.100614. Now I wants to file ITR. So please explaine in which coloum/clause I can enter above figure.

  2. vivek says:

    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.

  3. Rahul says:

    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.

  4. jitendra patel says:

    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..

  5. Mnaish Mani Vashishtha says:

    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?

  6. Shrinivas says:

    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

  7. Arvind Yadav says:

    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

  8. R S Dahiya says:

    Sir,
    I have taken home loan. If I take government concessional accommodation , then Can I claim tax rebate on home loan.

    Thanks

  9. Tarasankar Dasgupta says:

    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

  10. Rajasekar Jayapal says:

    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.

  11. Dheeraj Jain says:

    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

  12. Sunny says:

    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?

  13. Poona Ram Mali says:

    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

  14. sandip pal says:

    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.

  15. Ramesh Kupekar says:

    Can Co-Operative Housing Society who is received rent from reliance as Tower Rent
    can take benefit us 24 (a) & 80P (d) & 80P (2)?

  16. Nilesh says:

    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?

  17. Amit Kumar says:

    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.

    1. Kuldip says:

      Sir
      I have a house loan combined with my wife.we, both are govt employees but the house is on name of my wife only.how can we divide claim for interest and principal deduction for tax.please specify rules also.

  18. Ashish says:

    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.

  19. Vivek says:

    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.

  20. BHOJRAJ LEELANI says:

    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.)

  21. Samiran Roy says:

    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

  22. SK Tiwari says:

    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.

  23. Atul says:

    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

  24. bhola says:

    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.

  25. Gaurav says:

    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

  26. HEMANT says:

    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

  27. prabhjot singh says:

    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.

  28. shailendra kumar singh says:

    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

  29. Dimple says:

    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 ?

  30. Baboo ram says:

    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

  31. Gerald says:

    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 ?

  32. RKVerma says:

    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

  33. RKVerma says:

    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

  34. Sreenivasan says:

    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 ?

  35. Sunil says:

    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.

  36. Vinod Gautam says:

    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?

  37. Sabin says:

    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.

  38. A K Mishra says:

    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.

  39. S K KHANDELWAL says:

    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

  40. Nikhil says:

    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.

  41. rkPareek says:

    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.

  42. Adhiswar kumar says:

    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.

  43. manish tankaria says:

    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?

  44. divesh kumar says:

    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

  45. Srinivas says:

    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.

  46. Rajesh J says:

    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.

  47. Rajesh J says:

    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.

  48. raja sen says:

    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.

  49. K Kishore says:

    I have flat on loan and taking tax benefit for interest paid by me, now I want to sell it and planning to purchase new flat at higher cost. will I get tax benefit on this new flat?

  50. Lokesh says:

    sir,
    I want to purchase newly constructing home in my wife`s name who is home maker as a co applicant i repaying entire loan amount, pl tell me whether i eligible for 100 percent income tax rebate benefit.

  51. Pawan Kumar says:

    Sir,
    Me and my wife have taken home loan(jointly)of rs.4500000/-.We both are employee.There are two loan a/c ie.rs.2500000 and rs.2000000.Emi for rs.2500000 paid by my wife and Emi for rs.2000000 paib by me.And home is registered on my wife`s name.Can we both claim tax benefits for this loan.Please tell me all options. THANKS………….

  52. Dhiraj Banerjee says:

    Sir,

    I and my wife are co- owners and co- applicants of loan.

    But we have not specified any split of share as co- owners.

    My wife does not fall under tax bracket.

    Hence I am paying 100% loan amount from my bank account which not shared by my wife.

    My wife does not claim tax benefit.

    Could I claim 100% tax benefit in my name?

  53. Ambikanath Patro says:

    sir,

    i have a house registered in the name of my spouse.
    we are taken home loan jointly, wife is non-working and myself a govt. servant.
    do i get income tax benefit,if yes, under which section.

  54. ANUP says:

    Sir

    We have purchased a home on my father name and have taken home loan from where I am lso Co-applicant in it Can I get also Income tax Exemption.

  55. Sukanta Dey says:

    I have taken a housing loan of Rs. 8.50 Lacs in 2009 to purchase a flat and I have also taken a Top Up loan of Rs. 2.60 Lacs in 2015 against the same loan for renovation of that flat. Should I get benefit of housing loan for both.

  56. Bhavesh Prajapati says:

    sir,

    i taken a loan from patpethi when i bye home. loan like mortgage loan because we give our home and shop agreement to pathpethi as mortgage. I i take deduction from income of interest of same loan.

  57. prashant vats says:

    sir,

    i have a house registered in the name of my spouse.
    we are applying for the home loan jointly, wife is non-working and myself a govt. servant.

    do i get any sort of income tax benefit,if yes, under which section.

  58. balraj says:

    tax benefit on home loan from Father–
    I took loan from my Father for purchasing a home, which repaid to my father with intrest, can I get benefit on Income tax and under which section.

  59. suraj Garg says:

    I have taken home loan in October 2010 to buy a Builder Flat. Builder give me possession in Feb 2015. Is there any capping of number of years of taking possession from the taking of Home loan date to claim Rs. 2,00,000 on interest paid under section 24 B. As my employer if possession is given after 3 FY I am eligible for Interest Claim of Rs. 30000/- only not Rs. 200000/-. Is it correct.

    Mob. 09412220058

  60. Veer Singh says:

    Deductions are based on income, correct? Section 24 outlines no limit on deductions for interest paid on home loan. How can one claim more interest deductions(e.g. Rs.75,000) than rent income(e.g. Rs. 15,000) from the property?

  61. dinesh says:

    D/a
    I have purchased falt at gaziabad, The total interest paid by me in last fy was rs 5.50 Lakh. The flat is rented with total Yr rent of Rs1.80Lakh.Please suggest how much tax benefit on interest can I claim.. Is it Rs1.50 Lakh only or entire interest amount.

  62. John Smith says:

    Hello there..
    Can one claim deductions more than their income?
    The IT act of 1961 terms income from property based on annual value received (mostly) in terms of rent. While this may be 10K/month, the interest on the loan taken for the said property in most cases will be higher than the rent, for e.g. 50K/month. Can the entire interest of 50K be claimed even if there isn’t an income from the property that is over the deduction being claimed?

    Also, does the below statement from sec. 24 override the no cap on interest(based on 24 b.) amount and effectively cap the deduction to 30K when an individual is not able to occupy the property based on work location being different than the property location?
    “Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction shall not exceed thirty thousand rupees”

  63. PS RATHORE says:

    i have purchased 2 to build house and availed housing loan from different banks. The first one is in my name, while the second one is in me and my brother’s joint name(Property as well as loan). The first loan was in year 1998 at staff rate as I am bank staff and second one was in 2012 availed from other bank at public rate. So how much rebate I can avail and on which loan-both or one?

  64. Jatinder Singh says:

    Hi Sir,

    I have taken home loan in year-2011 for a property which was under construction at that time. It was completed in Year-2014 & I have taken possession of it now. Though I have claimed Interest/Principle for loan for this year14-15 in my ITR. I need to know if I can claim the interest that I paid on loan before the possession & what is the procedure for it.

    Regards
    JS

  65. Shajan says:

    Dear sir,
    II have taken a housing loan. 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. Kindly help me.

    Regards
    Shajan S

  66. Shajan says:

    Dear sir,
    I have taken a housing loan. 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. Kindly help me.

    Regards
    Shajan

  67. Dr Rajveer says:

    sir,
    me n my wife have purchased a home, .home loan is taken by the names of both of us, but I alone is paying EMI.we both r working, can be both get the tax rebate ?? n what will be the maximum rebate for us??

  68. kris says:

    I have purchased a house for residential purpose jointly with my wife. We have declared that we share the tax benefits on a 50:50 basis. 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. He rubbishes the posts that i showed him from chartered club and so on.

    please help.

  69. Santosh says:

    Sir
    I have already taken loan in 2009 and have cleared entire amount in 2014 for which i have claimed rebate. If i take another loan for a new property am i eligible once again to claim rebate please advice

  70. Radhe says:

    House Owned – Father
    House Loan Applicant – Father & Son
    Loan Repayment – Son (Fully)

    Deduction u/s 24 cannot be allowed as he not the owner of the house.

    But can he claim deduction for Housing Loan Principal Repayment u/s 80C.

  71. DEV says:

    SIR,
    We have a very peculiar set of inquiry, hope you will guide us thro’. We have taken home loan of 24 lacs in Jan 2013, followed by Home equity loan in feb 2015, both from Sbi in the name of my father, mother and self on the basis of property registered in our names in the ratio of 2:1:1 resp.
    My father expired a couple week back and now we dont have idea how to tkae tax benefits under various sections. We have till now credited EMI directly into our loan account
    the questions that are puzzling us are
    1.Since i am going to inherit all business liabilities, can i claim benefit to his share of deductions in loan amount paid
    2.He has also taken varid health adn accidental policies in his name, can i claim deduction for the same, if yes under which section
    3.if i can claim deduction under section 80C and 24 B , than in what share me and my mother can split the amount to claim max. tax benefit

    looking forward to your reply a.s.a.p

  72. narendra says:

    Sir,
    I had availed a housing loan of Rs4.00 lac in 2004.And another loan of Rs.20.00 lac in 2012 for another property in same city(possesion of 2nd house yet not taken)As loan installment of 2nd house is much higher,can I get repayment benifit of 2nd loan to get tax benifit?

  73. kishan says:

    I have taken home loan 25 lakhs for the first time in the financial year 2013-14 for purchasing a flat in my home town. It was ready for occupation by April- May 2014. My Question is how much interest amount on the home loan can I claim deduction in case the flat is meant for rental and is unoccupied through-out the period for 2014-15.

  74. dr suresh says:

    sir,
    can i claim tax benefits for home loan repayment i a m co-borrower .the property is in my wife s name but i am paying the full emi.she is not an salaried. is it not strange that the loan is given with on my salary certificate but i cannot claim the tax benefits ??is there is any recourse.

  75. CA K C Ahuja says:

    I am the co borrower of a housing loan along with my father. entire repayment of loan and interest is paid by me as my father does not have sufficient income to repay. can I claim exemptions for interest/ instalment although I am not the owner/co owner of the house.

  76. Abhishek jain says:

    Respected Sir,
    My query is regarding the allowability of deduction u/s 80C for the loan taken by my wife and my son, for the house which is owned by my wife and my daughter in law. i am paying the loan amount in total, my question in this is:
    1. Whether i am eligible for claimimg deduction U/s 80C.
    2. Whether i am eligible for claimimg deduction u/s 24(b) for interest paid by me.
    no other person (wife, son, daughter in law) is claiming any deduction u/s 80c and 24(b).
    Kindly answer this query As soon as possible because i have to file my return of income before 12.03.2015. I shall be highly obliged.

  77. Subir says:

    I have purchased two properties in two locations. 1st One in 2012 and another in 2014.
    For both I am paying Home loan EMI. I am staying in neither of the flats. Can I claim IT benefit for both the loans?

  78. J P Pandey says:

    Dear Sir,

    I was sanctioned house loan in Sept.2010. First installment was drawn in Oct.2010. Last installment was drawn in Nov.2012.House is likely to be completed in March 2015. If I take possession of the house in March 2015, will I get tax deduction benefit of Rs.200000/- for AY 2015-16 as my tax liability on home loan for FY 2014-15 is more than Rs.200000/-? More-over, will I get tax deduction on interest already paid on my home loan before the construction of the house?

  79. shashiraj says:

    I have bought a house in July 2014 for which I have taken a loan of 3750000. The construction is completed & I shall got the possession of my flat in March 2015. Can I avail the benefits of interest on home loan for current FY 2014-15. Please suggest how to avail the tax benefits.

  80. JitendraKumar says:

    Dear sir,This is jitendra. I have booked a flat at g.noida & possession of the flat shall be on 2017.then Jan 2014 to Jan’17 we can avail tax benefit under sec 24 n 80c or not.plzzz replye..

  81. valmik sangale says:

    I have taken top up loan on the existing residential home for up gradation of existing house. Can I claim The interest and principal deducted from this loan for income deductions. Pl. advise. Thanks

  82. Mamta Lambert says:

    Sir,
    I am working in Govt. Institution.My husband is a businessman.We have taken home loan.I am the co-applicant.In the past years my husband was paying the bank interest. But In this FY , i am only who is giving the interest.Can I get the full benefit under section 24 and 80 C. Beside this I have taken another home loan for other property which is under construction. Can I take the tax benefit under section 24 and 80 C also.
    Mamta Lambert

  83. Mamta Lambert says:

    Sir,
    I am working in Govt. Institution.My husband is a businessman.We have taken home loan.I am the co-applicant.In the past years my husband was paying the bank interest. But In this FY , i am only who is giving the interest.Can I get the full benefit under section 24 and 80 C. Beside this I have taken another home loan for other property which is under construction. Can I take the tax benefit under section 24 and 80 C also.

    Mamta Lambert

  84. Amar Narkhede says:

    Hi Sir

    I have taken a flat and it is under construction. Builder says in the month of March 2015 the possession would be provided with completion certificate. Considering that, how can i avail tax benefit?

    Regards
    Amar Narkhede

  85. r abbas says:

    Recently under some special scheme, Builder has agreed to pay interest on my housing loan till the possesion is recievd . After possesion my emi will start and i will pay interest. Can i claim i tax benefit under 24 b for interest paid by builder directly to the bank.

  86. Hyder P says:

    Dear Sir,
    I booked a house for construction in Feb 2010 & took a loan for it from Bank. The last loan instalment was taken in Jan 2015 before possession of the house. I have taken possession in Feb 2015. My query is

    Will I get deduction on home loan interest from this FY on current interest & Past accumulated interest?

  87. jitendra kumar says:

    Dear sir,
    I took joint home loan with my wife. Although only my wife is owner of that home. Home loan EMI is 22000 Rs/month. Can we both can get rebate in income tax? we both are government servants. How much total rebate we can get?
    With best reagrds,

    Jitendra Kumar Khinwal
    09413392563
    khinwaljitu123@gmail.com

  88. R K Jain says:

    Sir, I took loan in Nov. 2010. My house is completed in February 2015. When I submitted for tax rebate under sec 24, it was mentioned that since house was completed after the specified period of 3 years, the max. rebate I can get for interest is only 30,000 per year. Is it correct pl. indicate….

  89. R SAMINATHAN says:

    SIR, I am co-borrower of home loan with my wife as borrower. I am not availing the loan for my Income tax return. I produced a letter from my account officer to this effect. The loan is recovered from my salary account from the bank for which standing instruction was given. Can i allow my wife to avail total benefit of the loan. I am not a co owner of the property. my wife is the only owner of the property. Kindly clarify. My wife is working in state govt office and her take home salary is less than the emi itself.

  90. SURENDRA KUMAR says:

    respected sir,
    I have taken home lone from icici HFC on June 2014. In February 2015 I have paid some outstanding money as a part payment.
    I want to know that under section 80c can i include this part payment.
    regards.

  91. VENKATESAN says:

    SIR,
    IAM THE OWNER OF THE PROPERTY BUT MY WIFE IS A JOINT HOLDER FOR THE HOUSING LOAN I HAVE TAKEN .CAN WE BOTH AVAIL THE HOUSING LOAN INTEREST AND PRINCIPAL FOR INCOME TAX DEDUCTION. IF SO INTEREST AMOUNT TO WHAT EXTENT ? BOTH OF US ARE WORKING

  92. Mulaswamy Melam says:

    Dear Team,

    I have two properties in joint name along with My spouse. But I would only like to tax benefit against the both the properties. Out of which one is self occupied and the other is under loss of let out property.
    what is that I need to submit as proof is it just the declaration from My spouse or anything else?

  93. minal ghag says:

    Dear Sir,

    1. My mother had bought a residential plot for constructing a house. however she now is constructing six flats on the same plot.

    2. She wants to give one of the flat to me as inheritance during her life time and wants the balance property to be given to my two brothers later.

    3. However as she did not have sufficient funds I and my husband have given here 30 lakhs which is sufficient for construction of one flat only.

    4. In order to raise this money my husband has taken loan from PF being a central govt employee.

    (A) Can we register this property as inheritance with my husband as co-owner.

    (B) Can my husband get the tax benefit.

    (C) How much Stamp and registration shall be required to be
    paid

    (D) Would it be processed as inheritance or gift or a sale
    deed will have to be made in name of my husband.

    (E) How many percent registration charges will be required
    to be paid for processing it as
    (i) Inheritance
    (ii) Gift
    (iii) Sale deed

    Regards

  94. naveen says:

    i bought house in july 2010 , i get completion on aug14; my bank interest for FY 10-11,11-12,12-13,13-14 was 50000; for FY 2014-15 is 65000; how much rebate , i will get

  95. RAMAMURTHY S says:

    I have taken two loans. One is house purchase in 2002 second one is Home improvement/renovation loan in8/2014. My doubt is Repayment of these two loans are eligible for exemption under Income Tax priciple and interest

  96. R G HATWAR says:

    Sir,
    I have taken home loan from nationalised bank amounting Rs12 lakh and and EMI is deducted from November 2014 can i get taxbenefit this year income
    I am told that unless you get posse4ssion i will not get any benefit in income tax
    Isit necessary to get possession befor getting benfits
    construction is going on on booked flat
    pl advise

  97. Suseela says:

    I bought a house for which emi is deducted since aug-14, but not occupied till mar-15, may i claim for loss from house propery from aug-14 to mar-15 as well as hra exemption for apr-14 to mar-15?

  98. Anupam says:

    Hi have one property in Pune & paying home loan interest of approx 150000/-. The rent is approx Rs. 100000/- per year.
    I have one more property in Thane, in which I am living. The Home loan interest I am paying is Rs. 500000/- approx for this home.

    Can you please let me know, how can claim for tax benefit?

  99. Chanchal Das says:

    I took a Home Loan from Railways (Being Railway Employee) in March 1995. I have refunded all instalments of principal amount of the loan in August 2011. I have paid interest on Home Loan at a time in Dec. 2014 in full settlement. I have never availed income tax deduction on interest on Home loan in any format like accrual basis or actual payment basis.

    Please inform me whether I can get income tax benefit for the entire amount of interest paid in this financial year 2014-15.

  100. s.chandra says:

    Sir, I have been allotted the flat from Gr Noida authority under BHS13 (BUILT-UP HOUSES SCHEMES. I am paying the installment (six monthly) as per payment schedule of Gr Noida Authority. Payment schedule (installment) clearly indicates the principal amount and interest amount. The total interest amount deposited is more than 1.5 lacs. My question is : Can I avail Income tax rebate? Please advise and tell IT clause and sub clause of the same to convince our Finance Deptt.

    Regards,
    S Chandra

  101. RAJAGOPAL says:

    I AND MY WIFE ARE JOINTLY TAKE HOUSING LOAN OF 35 LAKHS.WE ARE WORKING. TO SUBMIT IT WHE DECIDED TO SPLIT THERE INTEREST OF HOME LOAN IF ANY CRITERIA FOR SPLIT UP EQUAL SPLIT UP IS NECESSARY

  102. Piju P K says:

    Hi

    My wife has taken the home loan. She lost her job and I have to take care of her loan repayment. Can I claim the tax benefit for the home loan repayment.

    Regards,
    Piju P.K.

  103. arun says:

    Dear Sir
    I have two home loans for two houses. In one house I am already living and another house is in my possession, but no one is living in that house. Neither that second house is let out nor anyone living there.
    Can I avail home loan benefit on both houses. How I can avail benefit on interest & principals paid against both loans.Please suggest

  104. Ganguly says:

    hi
    i have a flat in registered my name only.Booked on Mar 2013 and part registered Oct 2013 and final registered on Mar 2014, EMI was started Oct 2013. Home loan sanctioned join name first name for me and second name for wife. EMI is paying through wife’s salary account.pls let me know who will get benefit for income tax and it is required to change EMI will be deducted to our joint bank account instead of wife’s salary account.

  105. RAJU says:

    SIR,
    I AM GOVT. EMPLOYEE. I TAKEN A HOME LOAN FROM NATIONALISE BANK. THIS PLOT AND HOUSE IS ON MY NAME. MY WIFE IS TEACHER. SHE ALSO TAKEN A HOME LOAN FROM HER SHCOOL CREDIT SOCIETY FOR SAME HOUSE (THAT HOUSE IS ON MY NAME). IN THAT CASE THE HOUSE IS ON MY NAME, PLEASE YOU GUIDE ME, CAN MY WIFE TAKE BENIFIT OF TAX SAVING FOR HER HOME LOAN FOR SAME PROPERTY.

  106. Kiran Bhogaonkar says:

    I stay in a flat which is loan free. I have purchased another flat for which I am co-owner alongwith my wife. I have not yet got the possession of the flat. Can I get the tax benefit of housing loan for this year or shall get the benefit only after getting possession.

  107. Rij says:

    Hi,

    I live in a rented property. I am constructing a building to rent out. I will be taking loans to construct this building.

    How much of tax rebate will I get on the loan interest repayment in following two scenarios-
    1) The property is unoccupied
    2) The property is occupied

    Thanks & Regards,
    Rij

  108. VINOD says:

    i took loan of rs. 10 lakhs from govt of haryana for constructiong my house. interest payable is 9 percent.I am repaying the loan at an EMI of Rs. 10000 per month amounting to Rs. 120000 per yr.In Haryana for a govt loan, principal is paid first and when it is finished then interest is paid in instalments.I am now living in my own accomodation constructed out of that loan. How do I use section 24 to claim tax deduction on interest when actially my EMI does not bifurcate into principal and interest. Please suggest what i can do in this situation.

  109. Suresh Kumar says:

    I have procured a house in year 2013-14 for rupees 37 lakh. I have taken 25 lakh loan from a nationalized bank. It is my first house.

    I stay at government allotted quarter as the house is away from my office. I do not get HRA.

    I have not given the house on any rent and kept my belongings there which I use as and when required.

    I have paid Rs. 35000/- towards principal and rupees 265000/- towards
    interest.

    Shall I am eligible for Rs. 200000/- under section 24 and additional Rs. 100000/- under section 80EE to get rebate.

  110. HARIOM SHARMA says:

    Dear sir, I took joint home loan with my wife. Although only my wife is owner of that home. Home loan EMI is 44876Rs month. Can we both can get rebate in income tax? we both are government teachers.
    How much toral rebate we can get?
    With best reagrds,
    Hariom sharma
    9812631166
    hariomsan@rediffmail.com

  111. GD Bhatia says:

    sir I have taken home loan of Rs. 40 lacss jointly with my wife. we are both are paying instalments. We have sold the property in 2014-1. Whether we are eligible for incometax benefit for the year 2014-15 for interest on loan and principl amount paid by us.Kindly clarify

  112. GD Bhatia says:

    i along with my wife/daughter in law Co owners of flat of Rs 5o lacs and taken joint loans of Rs. 40 lacks in april 2012 or 2013 .Whether we wiil be eligible for rebate of interest on loan and principal payment on 50% basis . Kindly clarify

  113. Chandrasekhar says:

    Pl clarify about a situation where housing loan is taken in the names of husband & wife jointly. Husband is employed but wife is not . He pays for the instalment by way of rent to his spouse who inturn meets EMI . He claims HRA based on the rent paid to his spouse. can the wife claim deduction of interest u/s 24.

  114. Bijay kumar Prusty says:

    i am the co-borrower of the housing loan with my wife ,who is owner of the property, but, she can claim the total interest for income tax rebate .

  115. sanky says:

    My EMI had started from 1st April 2013 and i got a project completion letter from developer on December 2014. In between these period I have paid around 4 Lacs interest. I am planning to move to my home from April 2015 . Till march 2015 i’ll continue to stay on rent.
    I have a below question.
    – As i am staying in a rented house , so i’ll claim HRA. While claiming the HRA can i claim the 1/5th part (i.e 80 K) of the EMI i paid so far ?

  116. ram says:

    I booked a constructed flat rs. 20.00 lac in. Bhopal in Jan 2015 and possession will be handed over in June 2015.How will I claim tax benefit.
    I am planning to pay back this housing loan in next 2 years to get maximum benefit and then purchase another property. My EMI will start from Feb 2015.
    What should be the strategy to maximise my return.

  117. N.K. Vijayakumaran says:

    I have constructed 2 houses one at Cochin my duty place and 2nd at Pandalam my native place. I am occupying first house at Cochin. I have paid Rs.2249 towards interest and Rs.16039 towards principal for the first house at Cochin. For 2nd house I have made loan repayment of Rs.66259 towards principal and Rs.157101 towards interest.

    I may be informed whether I get income tax exemption on loan repayment for both the houses. The first house was completed on 1998 and 2nd on 2012.

  118. Anuj Tiwari says:

    Regarding Q no. 9, While there is provision in section 24 requiring completion of construction, the same is not there in section 80C. Therefore I think one can claim benefit of principal repayment under section 80C even during construction period.

  119. Prem BIsht says:

    I had taken a home loan in August 2009 and last disbursement was made in December, 2014. Possession of flat is likely to be given in January 2015. Am I entitled to claim of Income Tax rebate on interest paid for FY 2014-15 i.e. AY 2015-16 of Rs. 200000 or Rs. 30000?

  120. K S MURTHY says:

    I have taken two loans on housing with LIC Housing finance for the same house. One is improvement/renovation and second one is Home entity loan. My doubt is Repayment of these two loans are eligible for exemption under Income Tax .

  121. RAJEEV BALACHANDRAN says:

    Hi,

    I have two buildings at two different locations with housing loans against both of them. Till this time I have been staying in one and claiming both the loans interest as well as principal (one as self occupied and other as income from let out property). Now that I have moved myself to a new location for the purpose of job. Kindly clarify the following:

    1) Can I claim both of these properties now as income from let out property?
    2) Can principal be claimed for income from let out property also?
    3) If I am going back to the base location, then can I discontinue showing income from let out property? Will there be any query from the department on this? If yes, what should I do?

    Looking forward to hear from you soon.

    regards,

    Rajeev

  122. pavan says:

    Hi,

    If we registered the property in FY 14- 15 can we claim the registration & stamp duty under section 80EEE & the actual interest paid under section 24??

    Regards,
    Pavan

  123. pavan says:

    Hi,

    Whats is the maximum amount of tax deduction under section 24 of IT act of India, i have a home registered in FY 14- 15 & the same is not yet occupied by us.
    2) Also can i claim the HRA for FY 14-15.
    3) Do i need to show any deemed rental income on the unoccupied property?

    Thanks in advance.

    Regards,
    Pavan

  124. Rishi says:

    Hi,

    I have taken a housing loan for construction of a house. However the house is still not completed and I am paying pre EMIs for the loan. How can I claim deductions for the pre EMIs paid.

    Please advise.

    Thanks

  125. Rohan says:

    Hi,
    I am holding two home loans. First house is self occupied annd rented out also. Second house rented out only. Can I claim income tax benifit for the interest paid for both the loans by showing the rental income of both houses. Is there any rule tht can claim the tax benefit only for one house.?Please reply.
    Thanks,
    Rohan

  126. hiren says:

    It is better to continue with the home loan or to forclose the loan.
    Which one is better option take benefit of interest or forclose of housing loan?

  127. sowmya says:

    Hi,

    My husband has taken a flat in Bangalore, in his name,
    we have not taken any loan for the first house.

    Now we want to take Housing loan for the second house in Bangalore, we stay in Banglore only. Will the housing loan of second house can be showed for tax exemption

  128. Stephen Lobo says:

    I am employeed in a MNC. I own a house with borrowed capital jointly with my wife. She is a house wife. Hence, I claim 100% principal & interest payment benifits under sec 80C & 24b of the IT Act.
    However, my company does not allows 100% benifit under these categories as loan borrowed jointly, even after I get undertaking from the co-borrower that she is a house wife. In addition, company needs a certificate from the lender that the loan was sanctioned based on my financial position, which the lender has denied to give.
    Now, company allows 50% benifit only. Remaining I have to claim as refund through ITR.
    1) Is there any provision in IT ACT, Rules or notification or decided case laws for a company to get certifate from the lender ?
    2) Isn’t sufficient, If I get undertaking from the co-borrower & I produce my bank account as a proof of loan repayment from my income ?
    Please guide

  129. K S SHYAM SUNDER says:

    I AM A PSU BANK EMPLOYEE AND HAVE RECENTLY AVAILED A SCHEMATIC HOUSING LOAN OF RS. 20.00 LAKHS AT A SIMPLE RATE OF INTEREST OF 10.25 % pa. MY PRESENT EMI IS TOTALLY APPROPRIATED TOWARDS PRINCIPAL ONLY . I NEED TO SERVICE THE ACCUMULATED INTEREST PORTION AFTER A CERTAIN PERIOD WHEN THE PRINCIPAL IS TOTALLY REPAID.
    MY QUESTION IS CAN I NOW AVAIL INCOME TAX REBATE UNDER INTEREST PORTION WHICH GETS ACCRUED ON A MONTHLY BASIS BUT REMAINS UNPAID AT PRESENT.
    TAX EXPERTS / ADVISORS / SENIOR BANK OFFICIALS WELL VERSED IN THIS MATTER MAY PLEASE ADVISE BACKED BY RELEVANT SECTION IF ANY.
    REGARDS
    —KSSS

  130. Swapnil says:

    Hello Sir / Madam,

    Before marriage, I bought the house in Mumbai and was paying EMI and availing the Income tax benefits and I am the only owner.
    After marriage, I went to university for study and all Home Loan EMI payment in being continued by my wife though she is not owner of the house.
    We want my wife to get the Income tax benefit for housing loan.

    Can you let me know if it is possible and how?
    In this web page, I came across similar case where you have given the solution by making declaration under Benami Transaction Act. Can it be applied in this case as well?

    Thanks and Regards,
    Swapnil

  131. PRABAL KUMAR DEY says:

    I have applied for second housing loan in my name where my wife is a co-obligant who is a central Govt employee.50% of the installment amount will be borne by her and the flat to be purchased also in the name of both of us.Kindly inform whether both of us eligible for income tax rebate.

  132. Amar says:

    Me and my brother are constructing a house and have taken home loan of 20 laks. The construction is complete and interior work + painting is going on now. I m claiming home loan tax exemption for 1st time.
    I have filled form 12c, house loan declaration and interest certificate from bank.
    Is any possession/occupancy/completeion certificate is mandatory for independent house.

  133. daya says:

    i have taken loan of rs 100000 from my company where i m currently working it’s pvt ltd company can i show it my income tax return and get deduction

  134. Ankit Agarwal says:

    Hii

    We have take home loan for construction of home which is situated in Dausa city. My father is owner of the land. My father is first applicant and i am co-applicant. All EMIs are payed by me. My service is in jaipur and i live on rented house in jaipur. can i avail all three deduction named 1. Principal under 80C, 2. Interest under section 24 and, 3. house rent under 80GG.

    Waiting for reply

  135. Ashu says:

    I have two houses. First house I bought do not have any home loan. Second one, I have taken loan of 60L. Wanted to understand definition for second home loan. Currently I am claiming benefit of only 1.5 in interest whereas actual interest is almost 5L. Can I claim full interest deduction on this loan (My confusion is that ewe can claim second home loan benefit only if we have loans on both houses or even if loan is only on one house but person has two houses). I have read about rent and standard deduction before calculation interest benefit but not clear on actual definition of second home loan.

  136. Ravindra says:

    Hi,

    My wife bought a house applying for loan completely on her name. Now she had resigned and not earning and I am completely paying this loan.

    Please let me know how can i avail tax benefits, do i need take any declaration.
    If Yes, how?

    Thank you

  137. Mohit says:

    Hi,
    I am buying a ready to move in flat from a builder, I plan to make complete payment to builder and he will issue “No dues” and “Possession letter” for the flat but I will do registration (sale deed) of flat 6 months later.

    Interest benefit can be claimed from the time ‘When construction is completed’ so in this case the construction is completed, all payments are made and i will also have ‘Possession letter’ for the flat but no registration (sale deed).

    1. Will this qualify for home loan Interest rebate?
    2. Is Sale Deed (Registration) is must or ‘Possession Letter’ from builder is sufficient to start claiming Interest rebate?

  138. Kiran Chandra B k says:

    Can I take advantage of tax benefits from a plot purchase & house construction loan (I will start constructing the house after one year). Now my EMI started.

  139. Manoj says:

    Hi, I’m a co-borrower for a housing (repairs) loan but the property is in the name of my mother (housewife) who does not have any income. Can I claim deduction for the payment I make towards EMI?

  140. Babul Singh says:

    Hi
    I want to know the tax liabilities on below case….

    I have booked 1st under construction house in virar in the year aug 2009 on house loan. IN the year oct 2013 I got the final possession.
    Again in the year feb 2013 I have booked under construction 2nd house in greater noida and taken home loan from bank.
    Emi of the bank is running.But I am finding difficulties in paying both emi. So I am thinking to sell my 1st house and pay the loan of 2nd house.

    Here I want to know tax liabilities on selling of 1st house and paying the same for 2nd house loan.????

    Regards
    Babul
    07389930033

  141. Jitesh says:

    I have taken a Home Loan on Flat.Both the Loan and Flat is on Joint name with my wife.But I pay entire EMI alone.What type of agreement I can enter with my wife so that I can claim exmption on entire EMI(Pricipal+Interest)?

  142. Anand Karbhajan says:

    I am intending to purchase a Flat in the sole name of my wife.
    I am taking loan for purchasing that flat.
    I am the applicant, and my wife is co-applicant for said loan.

    Can I claim Income Tax deduction ?

    If yes, under which provision ?

    If not, and if my name is must as co-owner of flat, under which provision ?

  143. Raveendran K says:

    Please inform whether I can borrow money from my father who is my dependent for purchasing house and claim tax benefit for the interest paid to him.

  144. A S Bariya says:

    I have taken a home loan for new Construction of home with my mother . I am co-applicant with my mother for sbi home loan. My mother is main applicant. Property plot owner is name of My mother. The total repayment going on by me. Am I able to take 100% tax benefit on this repayment. Please advice me.

  145. Sreekumar says:

    Dear Sir,
    I am residing in house constructed by availing housing loan and enjoyed tax benefit for this loan and the loan is completed. Now I would like to construct another house at more convenient location by availing bank loan and like to shift to proposed house. I would like to know that
    1. Whether I can avail tax benefit for new loan ?
    2. Whether want to show rent for old house, even if not actually giving for rent?
    3.Please show a sample calculation.

  146. Sanjay says:

    Sir,
    I want to apply for second home loan jointly with my wife, already we are having first home loan jointly but only myself claiming for I-Tax,the balance is now very less, so I am going take second home loan jointly with my wife. She is working, can we both get Tax benefit on second home loan.and how should we claim.
    #Sanjay

  147. M S RAJASHEKHAR says:

    I have booked a apartment in Dec 2011 and have paid almost 95% of the cost by now in installments. I have availed Home Loan in Dec 2011 only and have been paying full EMI from day 1. I have also been availing Interest benefit from my Income from FY 2011-12 till now.

    The flat will be ready for Registration and possession in Dec 2014.

    What documents are required from Developer to continue to claim IT benefit for Interest paid. My understanding is that the Registration and Possession letter is required from Developer with in 3 years from the FY during with the construction began/bank loan obtained i.e FY 2014-15 (Before 31 March 2015) as I had taken the loan in FY 2011-12. Is this correct?. If not let me know correct rule.
    Thanks
    Rajashekhar

  148. Vijay says:

    I purchased a flat in 2011. And i am started paying the full EMI ( Principle and Interest ) from September 2011 to October 2014. I got possession letter in November 2014 this year. For last three year i paid interest alone 11 Lakhs and i haven’t claimed the interest since i learnt that under construction houses should be claimed. Now please help me how to claim the interest i already paid. Also please clarify under what heading i should claim?

  149. Devan says:

    Sir,
    I have bought a flat and is in possession from 2013. it was rented till September 2014. i had claimed the total interest component on HBA during financial year 2013-14 for tax exemption. now i have self occupied the flat during October 2014.Could you please advise me how the interest on HBA can be claimed for tax benefit.
    Thanking you.

  150. AMAL DE says:

    Sir/Madam,
    Me and my wife r working in Govt sector. We have a home loan for which i claimed IT deduction as per norms for last 5 years. On January,2014 we again purchase a Land under Terms & Conditions of SBI HBL. Can I/we claim IT deduction in both the case? If yes then in what manner?

  151. Mohana says:

    I bought a plot in 2007 with the aid of bank loan. I have closed the plot loan and planning to sell the plot now. Can i adjust the interest paid for the plot loan against capital gains?

  152. pramod says:

    i have purchase a flat in year 2006 by loan from bank. I am repaying the capital and interest on the loan through my salary.
    In year 2011 I have taken second house building loan for construction of flat in a society.I am repaying only capital of the second loan.the building is still under construction and not ye completed.
    shall i get the benifit of Income tax on both loans, like capital and interest repayment of first loan and capital and accrued interest of the second loan? whether I have to calculate the income on the second house and calculate the income tax ?

  153. Ritesh says:

    we have purchased 35 lakhs rps flat. it is under construction and my father is a businees man, he paid 20 lakhs rps down payment. we had applied for 15 laksh rps home loan from bank. bank has disbursed 10 lakhs till date. i am a salaried person. can i pay 5 lakhs rps to bank now. how can i save income tax on it? or should i pay later

  154. Navin soni says:

    I purchased a constructed house on loan in 2011 but not self occupied (Parents living there), whose i took tax benefit under section 24 and 80C and still taking benefit under the same.
    Now i purchased a new constructed house which is self occupied and on loan.
    Can i take advantage of tax rebate for both loan under section 24 and 80C??

  155. Narayanan says:

    I have booked a flat(Tot cost 28 lakhs) in Gr Noida in Oct 13 by taking loan of Rs 18 lakhs nad personal payment of Rs 10 Lakh. Till date paid to bank app Rs 5.5 lakh by way of EMI.
    I want to sell it now due to financial compulsion.I should get atleat 20% more than 15.5 paid. Will the amount received in excess of 10 lakhs be construed as profit(I hv paid EMI of 5.5)or how wil it be treated for IT purposes?
    Thanks

  156. Rohit More says:

    Hi,

    I have taken a home loan in June 2014, my EMI has also been started from July 2014.
    I would like to opt my loan’s Principle amount + EMI amount for Tax saving. But when I asked in my office and submitted the documents for tax saving(as I’m salaried person) they have rejected these documents. As my loan has not completed 2 yrs span.
    Is there such law exist?

    Could you please tell me whether I’m eligible for an tax benefit or not.

    Thanks,
    Rohit

  157. rahul says:

    Dear Sir,
    I have buy a home and took home loan from sbi. But property is under construction but I have started paying EMI of hoam loan.and hope I will get possession on july-15. and I am also pay rent on rented home.can I get benefit of 80c ,24 B and HRA.

    Pls suggest what document required from the bank to submitted in office for tax saving.

  158. Debasis Roy says:

    I along with my wife have applied for purchasing a flat and my wife is First applicant and myself 2nd applicant. Both of us are in service and salaried employees. We have proposed to apply JOINTLY for a home loan with IDBI

    1) If the flat is registered jointly on completion can we both get benefit u/s 24 and 80C of IT Act and in what proportion?

    2) If the flat is registered in name of first applicant ONLY can we both get the benefit if yes, in what proportion?

    3) If both of us are getting benefits then (a) Who fixes the proportion of benefits? (b)Can the proportions be changed during the course of repayment subsequently?

  159. ADitya says:

    Whether I am entitled for Tax rebate if FLAT is purchased and registered

    jointly,

    Spouse name is first (Wife is Housewife, No JOB),

    and I am as a co-applicant working in Govt. Job.

    Loan from SBI

  160. amita says:

    Let me know the tax treatment of a person having interest income and interest expenditure. Can we show the net income? TDS is deducted by the person whi is giving interest. Shall we deduct the TDS of person whom we are paying interest

  161. vikas dhopade says:

    taxguru please guide me regarding following matter—-

    one of my friend take home loan in joint name of his & his wife name.
    they both are working & file separate income tax return every year,
    payment of housing loan is fully paid by my friend not by his wife.

    now my question is,
    should my friend is entitle to take full duduction of sec 24(b) & 80C ? although my frient is joint owner of this house property.

  162. Ashish Gupta says:

    I have taken a loan for flat in NCR in Feb 2012.
    I will get possession of flat in Aug 2015.
    I am paying EMI to bank since Feb 2012. ( interest + principal)
    Will i get any tax benefit on interest paid till now ( some one told that you should get possession within 3 years of loan – which is not in this case)
    Thanks in advance fore response.

  163. Monu Kumar Choubey says:

    Hi,
    My Concern is somewhat different.
    We have taken the property on my Mother’s name and she is home maker. My Father is retd. Army. I have taken the complete loan to construct the flat from LICHF. I am working for MNC in Bangalore. How can i avail the tax benefits..? Because my finance team wants that property and loan both should be on my name. Can i claim it by ITR..? That shouldn’t be the fraud with government. Please mail or comment me. Thanks.
    Monu Kumar Choubey

  164. Abhijeet says:

    Hello Sir,

    Can I claim tax benefits with consideration of following: –

    * I have borrowed home loan from HDFC bank, under spouse name and co-borrower as myself
    * I have named Spouse name as 100 % home owner.
    * My spouse is house wife and not earning, so I am paying whole EMI as ECS from my salary account.
    * Currently I am availing HRA from above property.
    * Also I am planning to transfer my loan from HDFC to SBI

    I read your above artical, but is there any workaround to avail tax benefits for the interse I paid, becaouse in short time I am moving from this place and I know there is not chance to avail HRA of two houses.

    Could you please guide is there any way to correct this mistake?

    Thank you!!

  165. Dhaval Patel says:

    I have propertity in my village pal, surat. now this properity under Surat Municipal Corporation. Propertity is very old. original Home document (dastavej) is my grand father name. My grand father was dead. so in city serve document his children name mention. (my father and two uncle). now we are palnning to construct new house on the same location where original house situated. so can i get loan for construction. (home loan) and can i get incaome tax benift as well. As i am not co-owner in property but my father is co-owener.

  166. Tripti says:

    we have home loan on property 1 in joint name from bank 1 . Now we are taking Top up loan on this property to buy 2nd property . As we will rent out 2nd property , can we take benefit on interest payment done to Bank 1 on top up loan to purchase this property.

    2. can we take home loan from any other bank on 2nd property to repay the top up loan of Bank 1 and take interest payment benefit.

  167. Srikanth says:

    Hi,

    I have a housing loan, and I have rented it out. In this case what ever the interest I paid towards the housing loan before possession, can I avail tax benefit in 5 years, (20% each year) from date of possession.

  168. Vishal Bhowmik says:

    Hi

    I am co-borrower of the home loan registered in my mother’s name but whole of the EMI I pay from my account.I also live in the same home. So can I avail for the tax rebate against home loan.

  169. Badhrinathan says:

    Hi,

    I have applied for Building Plan approval toward which I have paid fee to corporation. I expect to complete the construction after March 2015 only. Can I be able to claim rebate for this in FY 2014? If not how and when I can claim on this?

  170. Balan says:

    I have planned to buy a property in my Wife’s name, for housing loan she will be Applicant (House wife…no Income) & I will be co-applicant . Since I have planned to register the property in my wife’s name only, should this structure will allow me for Home loan tax exception ?..

  171. Nitin says:

    Hi ,
    I live in bangalore and have a house in bangalore in which I stay and have a home loan against it . I have another house in Noida which is rented.
    Now to avail maximum tax benfit against the home loan interest , I would want to show my bangalore house as rented showing notional rent against the home loan interest while saying my noida house is self occupied .
    Is this ok ?
    Regards,Nitin

  172. R.Ramkumar says:

    sir,
    me and my wife (only as co applicant) together took a home loan from a bank. payment is also paid from my salary only. but the property is registered in my wife’s name. what deductions can i claim while filing the returns.

  173. Karthi says:

    Hi,
    We have taken a loan for under construction property in June2012. till now the property is under construction. Pls let me know whether we can calim the benefit of interest payment as deduction after receipt of completion certificate. Since this property has taken more than 3 years , how may years interest can be claimed and what would be the maximum limit of deduction allowed.

    Thanks
    Karthi

  174. Amar says:

    Me and my brother are constructing a house by taking loan from SBI. The bank account joint account and loan amount has been approved based on both’s eligibility. The land is 60:40 ratio between me and my brother.The EMI is not deducting from my salary account but I pay half of it to my bother, but the money which i give has no record. Can i get benefit of Income tax on principal and Interest paid.
    my brother is into business ,so can he also get tax benefit.

  175. ANANTH says:

    Hi,

    My self and my wife are co-owners of the property, I would like to know can my wife claim tax exemption on total principle amount paid and part Interest paid and I claim only part interest amount paid ?

  176. Pradip Jana says:

    Sir,
    I want to take a home loan with my wife as a co borrower (not co owner) the land property owned by me only. Both have independent so can we both get income tax benefit?

  177. HONEYKUMAR A P says:

    Sir,
    I and my wife have JOINTLY PURCHASED a plot and constructed a house by availing HOME LOAN from SBI JOINTLY during the year 2013.Total accrued interest for the F/Y 2014-15 is 3.9 lakhs. I and my wife are employed and she has availed a tax relief of Rs.1.95 lakhs. But my office is permiting to avail Rs.1.95 lakhs towards relief under u/s 24 of IT Act. Their version is that toal amount of Rs.2 lakhs can be claimed by both of us and since my wife has avialed an amount of Rs.1.95 lakhs, I will be eleigible for Rs.5,000/- ( 2 lakhs minus 1.95 lakhs availed by my wife). It is correct? Am I eligible for an amount of Rs.1.95 seperately towards interest on HBA? Would you pliease clarify this point at the earliest.

  178. HONEYKUMAR A P says:

    Sir,
    I and my wife have purchased a plot JONTLY and availed a home loan from SBI JOINTLY during the year 2013. Interest accrued for F/y 2014-15 will be nearly 3.9 lakhs. I and my wife are employed and she has availed an amount of Rs.1,95,000 /- (half the amount of interest) as relief u/s 24 of IT act. But my office is not permitting me to avil the half amount (Rs.1.95 lakhs). Their version is that total amount of 2 lakhs can be availed by me and since my wife has availed 1.95 lakh, I wll be eligible for Rs 5,000/- only(2,00,000 minus amount availed by my wife). Is it correct? Am I eligible for an amount of Rs.1,95,000/- . Would you please clarify at the earliest.

  179. Rahul Maindargi says:

    Hi,
    I have brought a ready possesion house in 2009 and was claiming both priniciple and Interest component accordingly.

    This year (may 2014) I have done complete re-payment of that home loan and closed the loan.

    I have also booked a new Under Construction flat (Possesion by June 2015) with the help of Home loan and EMI has been started (From June 2014) for same.

    I am planning to Sell my Current house within this financial year.
    Can you please answer below things to help me.

    1. Can I claim “Registration and Stamp Duty” under 80C for the new flat I booked?
    2. Can I claim Priniciple amount that I repay in this finacial year for New home loan? under 80C.
    3. Can I claim Interest amount that I repay in this finacial year for New home loan? under 24(b) or any other (loan is above 50Lakhs)?

    4. Can I claim Priniciple amount that I repay in this finacial year for closing old home loan? under 80C. (I am planning to sell it in this financial year)
    5. Can I claim interest amount that I repay in this finacial year for closing old home loan? under 24(b) or any other.(I am planning to sell it in this financial year)

    Any Other Tax Benifits or laibilities i should be aware for related to these transactions?

  180. Basu says:

    Myself and my wife have jointly invested on under construction property. We are co-owners and co-borrowers fro this property. Could you please tell if I can avail Tax exemption for the current fiscal year 2014-2015?? The property will get completed within 2 years.

  181. Rahul says:

    We have a hsg loan. We own the property jointly and also the loan jointly..but my wife does not have any income apart form house rent. Can we both claim IT rebate on Principal and int and at what ration, if my interest paid is 50,000 and so also principal (for understanding)
    Thanks

  182. Manish says:

    We have recently purchased a flat and will be moving in it by Oct’14. I wanted to know once we shift to our own flat, how we will be able to take tax benefit of HRA component given by our company as part of our salary ?

    Thanks in advance !

  183. Kishore says:

    Maximum of how many home loans can be submitted for IT exemption for single person, providing sum amount is not exceeded section 24 and 80C for principal and interest.

  184. Alok Kedia says:

    I am availing a home loan for my flat. I am availing both interest and principal benefits on the home loan. Now I want to buy another flat in August 2014 under home loan. My earlier flat will be put on sale and will be sold say by December 2014.

    My question is can I claim Interest benefits on both the houses (for old flat till July 2014 and for new flat from August 2014 onwards.) I will not be claiming the interest benefits for my old house from August 2014 onwards.
    Please help me with the same.

  185. K.K. SARAWAGI says:

    Dear Mr. Ramesh,
    You have taken Land loan of 30,00,000 from ICICI Bank. Since the constructed house is old and it does not have approved Plan document from Bangalore development authority, ICICI BANK gave you Land loan. Electricity and water bills are under your name now and u r living in that house now.

    You cannot claim tax exemption since the property is required to be acquired or constructed with capital borrowed for that purpose. However, if you can show nexus of loan spent for the construction of house, you may avail exemption. Section 24 is silent about purpose of the loan and it is sufficient if the property has been constructed with capital borrowed.
    K K Sarawagi

  186. Ramesh says:

    I have taken Land loan of 30,00,000 from ICICI Bank. Since the constructed house is old and it does not have approved Plan document from Bangalore development authority, ICICI BANK gave as Land loan. Electricity and water bills are under my name now and i am living in that house now. can i claim tax exemption for the same.

  187. SHAMSUDEEN KN says:

    Sir,
    I have taken a home loan in the April 2012 and paid the interest on the disbursed amount up to date. The last disbursement was in August 2013 and I occupied the house in September. Although I paid above Rs.10000/-. as interest I didn’t claim it as refund. Can I claim that amount now? If yes, what is the procedure? I e-filed my return for the said year.

    expecting an early reply, thanking you.
    regards…

  188. Pardeep Hooda says:

    We (Me & my wife)had already availed home loan.In that , we are co-applicant.Also ,we both are co-owner of Property.Now, I wish to avail another home loan.How, can I get income tax benifit from this new loan.

  189. chetan says:

    I had taken loan from bank for extension of first floor. whether i have deduction claim u/s.24(b)the interest upto Rs.1,50,000/-?.

  190. Vivek Kumar says:

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

  191. prabhu k says:

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

  192. Meenu says:

    Dear Sir,

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

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

    Thanks & Regards

  193. S Kumar says:

    Dear Sir,

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

  194. kuldeep says:

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

  195. anil kumar says:

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

  196. B Mukherjee says:

    Sir,

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

  197. harsh says:

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

  198. Sree says:

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

  199. Daya says:

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

  200. P says:

    I have a doubt regarding rule 5 : The tax benefit is shared by each joint owner in proportion to his share in the home loan. It’s important to establish the share for each co-borrower to claim tax benefits.

    Can we change this proportion in future ?

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

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

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

    Thanks & Regards,

  201. Sushil says:

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

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

    regards
    sushil

  202. shuhaib says:

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

  203. Farhan says:

    Hi,

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

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

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

    Thanks and Regards,
    Farhan Naqvi

  204. Sanjay says:

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

  205. FARHA XEC says:

    Hi,

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

  206. Kamal Chaudhary says:

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

  207. Pavan says:

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

  208. krishna says:

    Hi,

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

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

  209. SANJEEV VERMA says:

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

    Please Advice.

    Regards,
    Sanjeev Verma

  210. Sandeep Nigam says:

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

  211. Rohit says:

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

    Regards
    Rohit

  212. sasi kumar says:

    Sir,

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

  213. THAVAMANI CHARLES says:

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

  214. murugan raj says:

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

  215. saju says:

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

    Thanks in advance

  216. Sohi Sikka says:

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

  217. Deepa Rout says:

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

    Please guide….

  218. Gulshan says:

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

  219. RAJ says:

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

  220. Deepthi says:

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

  221. PRADEEP SHRIVASTAVA says:

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

  222. anjana says:

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

  223. Neetu says:

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

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

    Thanks

  224. vinoth says:

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

  225. Vipin says:

    Hi Sir,

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

  226. subbaraman says:

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

  227. seema gupta says:

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

  228. Indrajit says:

    Hello,

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

  229. Rahul says:

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

  230. Abhi says:

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

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

    Please clarify !!!

    1. Dhananjay Bhamare says:

      Hi Abhi,

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

      Hope your doubts would be clear.

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