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)
I TOOK HOME LOAN AND TAKING BENIFIT OF I.TAX.I AM STATE GOVT SERVENT. NOW I
TAKEN `TOP-UP` LOAN FOR REPAIRS AND SOME NEW CONSTRUCTION.SIR, CAN I TAKE
BENIFIT OF INTEREST AND PRINCIPAL AMT IN INCOME TAX.THANKS.
Dear Sir,
I am in process of taking loan with my wife declared as the first applicant (as interest rate is lower if first applicant is a female) and me as the co-applicant.
However, only my salary has been considered while deciding loan eligibility and I only would be paying the EMIs.
So I just wanted to be sure that me not being the first applicant would not affect my tax relaxation?
i.e. I could still show (even when I am the co-applicant)
1) Rs. 100000 of Housing Loan Maximum limit under section 80C
and
2) Rs. 150000 of Interest on Home Loan under section-24.
As my wife’s salary is not considered while deciding loan amount eligibility also only I am paying the EMIs so could I get the whole 100% of tax benefit in such case?
Please help its really urgent towards making a decision.
Thanks,
Abhishek
Sir
I purchased a house at Kumbakonam ( TN ) towards housing loan in 1991. Recently I purchased another Flat at Chennai .Kumbakonam House is given for rent.Chennai is self occupied.
A few questions please
1.Can I get Tax exemptions on Interest and principals for both houses. If so how much
2.I paid stamp duty for purchases of chennai flat. Is it exempted in tax exemption
3.The rent nominal I am getting . How much I can show in my Income tax
Please clarify
Highly informative. Cleared doubts. All the co-owners & co-borrowers can take the double benefit of sec 24 & 80-C. Thanx a lot. Regards.
Dear Sir,
I have purchased a home in the name of my wife and have taken loan in joint name.Can we both claim tax benefits
Dear Sir,
I have purchased a home in the name of my wife and have taken loan in joint name.Can we both claim tax benefits
Dear sir
Now i am working in export company,there is a eligible for income tax holder. I want purchase one flat my wife name,wife is working in private school there is no eligible for income tax
My question is land purchase in my wife name ,But bank loan applying for my name. The EMI interests rates are taken from my income tax deduction please advise
Thanks
S.Sathiesh kumar
I am residing in a house which was constructed 15 years back. Last year I have purchased a house with SBI loan. Me and wife are the co-owners and co-borrowers. If the interest repaid from our accout for the year 2012-13 is Rs. 2 Lakh , can we claim interest deduction u/s 24 in the proportion Rs 1.5 Lakh for me and Rs.0.5 Lakh for my wife. Please clarify
Shereef
My brother had borrowed home load from HDFC. He & His wife are applicants. If I pay EMI for them can I get benefit for income tax benefit? Please clarify.
I have taken hous loan with PNB and me and my wife is co-borrower but I am only and I am not working .And EMI is being paid by my wife only. In this case how She can avail tax benifit please reply my e-mail id. kamaljitpaul@yahoo.com
Hello Sir,
I have taken joint housing loan and co-applicant is also co owner of flat.
Can my co-applicant can tax take 100% tax exemption on loan principle and interest and can I take tax exemption on the flat registration stamp duty paid. Kindly also tell me documents need to be submitted by both.
Dear Sir,
I have taken a housing loan jointly with my wife and we are co owners of the property. She is not working and has no other income. The property has been let out for rent. The rent income has been given to her. My queries are:
1. Can I claim the entire interest benefit for the property (with out deducting the rental income from the property). If not, what are the rules in claiming?
2. Can she show the rental income and file tax income separately?
Thanks
We have purchased the home on the name of my husband (First name) & me (second name). My Husband is paying 100% of EMIs for this loan. Can I get the tax benefit after producing the certificate mentioning that we are co-borrowers for the loan from the housing loan company?
We ahve purchased a home on the name of my husband(first name) & me (second name). My husband is paying the 100% of EMIs for this loan. Can I avail the tax benefit for the same on producing the certificate from the housing loan company?
Hi,
I have bought a home and its registered on my mother name however I am the main applicant in the loan taken against the property and i am paying the loan on my own from my salaried account and my brother is the co applicant on the home loan. Recently I have submitted my IT proofs in my company but they rejected my home loan paper saying that the property should be on your name and you will not be given benefit of the same. I have bought this home in the year 2010 and have taken the IT benefit twice after that but I don’t know why they are not considering this year. Is there any change in the home loan policy in the Income tax exemption , if yes pls let me know the same.
sir i have purchased a flat its registry with my wife’name and house loan also with my wife’name and i am co-applicant in loan my wife is a housewife and whole EMI paid by me can i claim all tax rebate
Hello,
My case is as below,
1) I have an existing residential property in my name for which i am repaying the loan.
2) I stay with my dad and pay rent to him as this place is near by my office which is in a city different from my residential property.
3) Currently i am eligible for both claim (i.e. HRA + Housing loan benefit.)
4) Now i have purchased a house . My Daddy First owner and I am co owner, Me and my dad both are borrower/co-borrower.
My question are
i) If i am paying the EMI will i be able to claim all the benefit
(i.e. a) HRA as specified in point 2.
b) Housing loan benefit for existing residential property.
c) Housing loan benefit for newly purchased house as specified in point 4
).
ii) If my dad pay full/partial EMI will he be able to claim the Housing loan benefit.
Hi, Me and my wife having a joint housing loan. for income tax benefit both of us can avail income tax exemption for interest of Rs.150000 individually? or the exemption will be only Rs.150000 and both of us have to share it? Please provide proper evidence from The Income Tax Act, as our HR is not convinced.
Sir,
I have purchased a floor in Faridabad in June,2009. The building is a two floor apartment and under construction by a builder and will get possetion by end of 2013. I am paying housing housing loan interest to PUNJAB NATIONAL BANK. Also I am staying in a rented house in FARIDABAD. My questions–
1. Can I get income tax benefit for the interest paid in for the year 2012-2013?
2.Can I also get the benefit of HRA rent being paid for this year under the above condition?
Need your suggestion urgently.
Can deduction under section 24 from Salary Income up to Rs. 150000/- can be claimed for two different housing loans taken for two different house property located in same city ?
and same way deduction under section 80 C for principal amount will available from salary income for these two different housing loans taken for two different house property located in same city ?
sir i am a railway employee and i have not taken a prior permission of purchasing a plot. my bill clerk is telling that if u r nt taken permission for purchasing a plot u will not get tax benefit on your home loan,now what to do
I have taken housing loan from SBI.Iam a PSU employee,My employer not ready to give income tax dedution( principle & interest).Can I claim while filling my return? If it is ok,Which form i have to fill ITR 1 /2
Sir,
I have purchased a flat in Gurgaon in Feb,2012. The building is a mulitystory apartment and under construction by a builder and will get possetion by end of 2014. I am paying housing housing loan interest to LICHFL. Also I am staying in a rented house in Gurgaon. My questions–
1. Can I get income tax benefit for the interest paid in for the year 2012-2013?
2.Can I also get the benefit of HRA rent being paid for this year under the above condition?
Need your suggestion urgently.
I am going to apply for a housing loan by March 2013. But the house will be handed over to me by December 2014. Will i get the Income tax benefit? If i will get how much amount & will i get benefit on Principal or interest?
Sir,
I am the owner of an appartment (bought on March2012)under construction with my husband as the coapplicant. He has applied for a home loan and paying EMIS since May 2012 ( I being the coapplicant of the home loan). The flat is expected to be delivered by August 2013.Will my husband be elligible for Tax rebate on both principal and interest?
Will admire your prompt response as otherwise we have to look on other tax saving instruments.
Can we get deduction section 24, interest payment against housing loan and said loan taken from pat pedhi or pat sanstha ?
Query ” In case, I buy a second flat on loan and rent out the same through Registered or Non-registered Agreement, can my employer grant me the benefit of reducing the interest payment for the year (based on bank’s certificate) from my salary and charge me lesser TDS . This can even be by adding the rental income for the period based on agreement.
If the employer is authorised to reduce the above interest payment for rental flat like for Self Occupied flat, this will help me from the problem of cash flows and also problems associated with getting refunds from Income-tax Deptt”
Kindly advise me.
Sir, I Purchase Residential House in Joint Ownership with my brother and take housing loan form bank, the Bank Manager say that EMI Should be paid thro ECS on only one members Bank A/c is not split up and Interest & Principal Repayment Certificate will be issue to joint Name (in Name of Both the owner) in this case i have trf amount in my brothers a/c then full emi will be ecs to bank.
in this case can both the joint owner take benefit u/s 80C and Income from House Property ? in what proportion ? give me any case low of same? (is their bank is not split up ecs in both owner ?)
reply me on my email. -dinesh6682@gmail.com
Whether employer can allow benefit of interest paid on 2nd let out house property of an employee while calculating total tax liability on salary paid/ payable to him.
I have taken hous loan with SBI and me and my wife is co-borrower but owner is my wife only and she is not working (dependent on me).And EMI is being paid by me only. In this case how I can avail tax benifit please reply my e-mail id. agpsivam1968@gmail.com
I have purchased a plot on my wife name and constructed a house but she is a housewife not an earning member.The home loan is on her name where as i am paying complete EMI.
Question
1.Can i claim tax benefit under section 80C.
2.Can i claim tax benefit under section 24
I have joint home loan with my wife as joint holder. I have currently share 60:40 ratio in this loan in 2012-13. But as my wife is expected to take break from job for 1 year. So can i change this ratio later in next FY.
I’ve taken home loan for two times whether i’m elgible for rebate on both sides or not.
I have purchased a flat on my wife name but she is a housewife not an earning member.The home loan is on both name whereas i am paying complete EMI.
Question
1.Can i claim tax benefit under section 80C.
2.Can i claim tax benefit under section 24.
sir i have purchased a flat its registry with my wife`s name and
home loan also with my wife`s name and i am co applicant in loan my wife is housewife and whole EMIpaid by me can i claim all tax rebate
I HAVE AVAILED HOUSING LOAN UNDER STAFF HOUSING LOAN SCHEME WITH INSTALLMENT OF SIMPLE INTEREST( CONCESSIONAL RATE). I HAVE ALREADY REPAID MY PRINCIPAL AMOUNT AND NOW REPAYING INTEREST PORTION OF THE LOAN IN EQUAL MONTHLY INSTALLMENT. CAN I GET THE REBATE UNDER SECTION 80 C FOR REPAYING THE INTEREST PORTION OF THE LOAN.
I have taken H/loan and me and my wife is co-borrower but owner is my wife only and she is not working(dependent on me). And EMI is being paid by me only. In this case how I can avail tax benifit. Please reply
Hi,
I had taken a loan for my house in 2010 decemeber.I got the posession of this house in August 2012. So I can take income tax deduction for the total intrest paid from december 2010- mar2012 in five installments strating from this fiscal yer i.e. 2012-13. Now I need to know if the interest I am paying in this year 2012-13 can be clubbed with the 1/5th of earlier intrest or not. As my intreset for this year(12-13) itself is greater than 150000.
I am not staying in the house and has given it on rent. In this scenario can i claim (this years interest+1/5th of pre posession interest – rental incomme fro 12-13) as my total amount for tax deduction or not. I am availing of HRA as well as I am staying in another city. Please let me know the solution.
Thanks
I stayed in rented house april 2012 to dec 2012 & paid Rs 12,000 per month i.e total Rs 1,08,000/- for 9 month. Now I purchased my new house with housing loan.
shifted on Jan 2013.
I will pay total intrest Rs 1,40,000 & primeum Rs 36,000 for the month Jan 2013
to March 2013.
Can avail both facilities for tax exemption & how much.
please advise
I hereby wish to know whether I can avail a home loan on a property for which I plan to register as follows i.e. jointly in name of my parents (father & mother), who are retired & do not have any other income, with myself & my younger brother being co-applicants with salaried incomes.
Property Joint Registration: Father & Mother
Loan Application: (Father & Mother) + Co-applicant 1 (Myself) + Co-applicant 2 (Younger Brother)
How will be tax treated against for the above (if allowable).
Thank you
Please help me out in clarifying my concerns related to home loan.
1) Have running loan on 2 properties- 1 in Ghaziabad & 2nd in Delhi.
2) Possession of both the properties has been taken recently in Nov. – Dec. 2012.
3) Property in Delhi is not in livable condition.
4) Residing in a rented house in Delhi.
5) Working in Noida.
Now considering the above facts, my concern related to availing HRA & benefit of tax on principal, interest paying for both the properties are:
1) Can I avail HRA from April 2012 till Dec. 2012 i.e. till the time I got possession of Ghaziabad property?
2) Can I avail deduction of total principal paid for both the properties (Delhi+Ghaziabad) under section 80C? with a limit of 100000.
3) Can I avail deduction of total interest paid for both the properties (Delhi+Ghaziabad) under section 24? And is there any limit on the interest paid?
4) How the deduction for the interest paid before April 2012 on these 2 properties can be availed & under which section this amount can be.
Thanks,
Sandeep.
Hello Sir,
I’m living in Bangalore and My Brother is in Chennai. We have bought a House as co-owners in Chennai. The house is currently rented out, even though my brother is in chennai. Both of us, my brother & myself are staying in Rented house in bangalore & Chennai separately. Please let me know the tax benefits that both of us can avail.
whether I & my brother can avail these benefits?
1. HRA benefit
2. Tax benefit on Interest paid.
3. Tax benefit on Principal paid.
4. Income from the house which is being let-out.
Thanks,
Siva(ksivaraman1@gmail.com)
Hi,
I have two houses.
1. One is an Apartment in which me and my family is living. I am the only owner of this house and have been claiming interest on housing loan for the past 3 years.
2. The second is a house which is under construction bought last year (2012). This is a joint ownership between me and my wife. The housing loan is also Joint Loan. We are already paying the full EMI, even though the house is in construction.
1. So can I claim the housing loan interest on both properties. What is the method.
2. If I cannot claim the interest on housing loan for the second property this year 2012-13, can I claim it over the next 5 years along with the interest incurred in those 5 years, once the construction is completed.
Is there any limit on the interest that can be claimed once the construction of second property is completed.
3. If the second property is completed construction later this year , and is not let out, then how do I claim the interest on housing loan and what is the limit in this case.
4. If the second property is completed construction later this year, and is let out on rent, then how do I claim the interest on housing loan and what is the limit in this case.
Thanks & Regards,
SMS
As I understand, if I have two housing property, I will be able to do the following:
1) Property 1 Loan – 1 Lakh principal deduction and 1.5 Lakh interest deduction (self occupied, no income)
2) Property 2 Loan – No principal deduction and no-limit interest deduction + add rental income
I would like to know, if I do not have any outstanding loan against Property 1 (closed by making pre-payment), can I still consider Property 2 as second property and take no-limit interest deduction?
So, from the following, will it be 2.A or 2.B?
1) Property 1 – No loan, No deductions, No rental income, self occupied
2) Property 2 –
2.A) No principal deduction and no-limit interest deduction + add rental income (as this is still second property)
2.B) 1 Lakh principal deduction and 1.5 Lakh interest deduction (considering I have only one home loan)
Dear Sir,
kindly help me in the following situation
1. owner of house is my mother
2. borrower of loan for renovation are myself nd my mother
3. i am the one who is paying the EMI.
4. m i exempted from income tax and how much tax benefit i can avail in a year.i m a govt servant
Pl. guide me in below situation:
Property Owner – My Mother
Loan Borrower – Myself with mother as co applicant
EMI – Paid by me.
Can my mother claim income tax benefits?
Sir,
I have taken a property solely on my Wife’s who is also working. I am the primary Applicant and my wife is co-applicant of the home loan. I am paying the entire installment. Can i get the entire tax benifit? Please reply its really urgent.
Q-1 If I buy a house jointly with my father and take a home loan from my side only, Can we both claim income tax deduction?
Q-2 If I buy a house jointly with my father and take a home loan from my side only, Does NOC require for my father is not claiming any benifit for current financial year?
Q-3 documents required and proofs for submission for clailming tax benifit on house loan?
Sir, I have availed Housing Loan (From Govt. of India) in 2001 and the principal amount ends in Dec 2012 and only interest amount is due from me, now I have taken a home loan in my wife name in which I am co applicant, and construction is nearly to be completed soon, and I am now residing in Govt. Quarters.
My Doubts is 1. May we both can avail I.Tax benefits (50/50)percent, for this a single IT statement showing yearly deductions issued from bank is enough or I have to submit 2 seperate statments from bank (50% principal + 50% interest)
Please kindly clarify Aswin sukumaar
I want to take a home loan to construct a house in a plot which is my fathers name. My father is dependent on me. I am staying ouside in a rented house. Shall I get tax benifit on the Principal of the loan I shall Pay. Shall I get any tax benifit on the interest I shall pay as there is a statement that Tax benifit on interest will be given after possessing the property and I am not going to possess the property.Is it possible to constuct the house in my name and get the tax benifit on interest. In the same time shall I get tax benifit on HRA.
Thanking You.