Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA.

Q-1 What are Income tax benefits of taking and repaying a housing loan under EMI Plan?

You will be eligible to claim both the interest and principal components of your repayment during the year.

  • Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 200,000 (Rs. 150000/- up to A.Y. 2014-15) or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house)
  • Principal can be claimed up to the maximum of Rs. 150,000 (Rs. 100000/- up to A.Y. 2014-15) under Section 80C. This is subject to the maximum level of Rs 150,000 (Rs. 100000/- up to A.Y. 2014-15) across all 80C investments.
  • You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same.

Q-2 If I buy a house jointly with my wife and take a joint home loan, Can we both claim income tax deduction?

Ans:-Yes, if your wife is working and has a separate source of income, both of you can claim separate deductions in your income tax returns.The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1.50 (Rs. 1 Lakh up to A.Y. 2014-15) lakh individually by each co-owner.

In cases where the house is owned by more than one person and is also self-occupied by each co-owner, each co-owner shall be entitled to the deduction individually on account of interest on borrowed money up to a maximum amount of Rs. 2 lakh (Rs. 1.50 Lakh up to A.Y. 2014-15). If the house is given on rent, there is no restriction on this amount. Both co-owners can claim deductions in the ratio of ownership.

Q-3 My husband and I have jointly taken a home loan. He pays 75 percent of the EMI. What will be our individual tax benefits?

Ans: – As you have taken a joint home loan, both of you are eligible for tax exemption for your share of the EMI paid. For claiming income tax deduction, the EMI amount is divided into the principal and interest components. The repayment of the principal amount of loan is claimed as a deduction under section 80C of the Income Tax Act up to a maximum amount of Rs. 1.50 (Rs. 1 Lakh up to A.Y. 2014-15) lakh individually by each co-owner. The repayment of the interest portion of the EMI is also allowed as a deduction under section 24 of the Act, which is given under the head “income from house property”. In case you are living in the house for which home loan is taken, both of you shall be entitled to deduction in the ratio (3:1) on account of interest on borrowed money up to a maximum of Rs. 2 lakh individually (Rs. 1.50 Lakh up to A.Y. 2014-15). If the house is given on rent, there is no restriction on this amount and both co-owners can claim deduction in the ratio of ownership- 3:1 in your case.

Q- 4 plan to buy a house by raising loans from friends and relatives. Will I be eligible for tax benefit from all sources?

Ans: – Interest payment to friends and relatives can be claimed u/s 24 but only against a certificate received from them. In the absence of the certificate, you would not be eligible for the deduction. The recipient of interest income who issues the certificate is liable to pay tax on the interest income that he receives. As far as the principal payments are concerned, they would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions.

Q- 5 What are the tax benefits that I can avail of for repaying a home loan ?

You will be eligible to claim both the interest and principal components of your repayment during the year.

  • Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 200,000 (Rs. 1.50 Lakh up to A.Y. 2014-15) or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house).
  • Principal can be claimed up to the maximum of Rs. 150,000 (Rs. 1 Lakh up to A.Y. 2014-15) under Section 80C. This is subject to the maximum level of Rs 150,000 (Rs. 1 Lakh up to A.Y. 2014-15) across all 80C investments.
  • You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same. Double Benefit on Taxes on Housing Loan

Q- 6 . Can I take advantage of tax benefits from a home loan as well as claim House Rent Allowance (HRA) ?

If you took a home loan and are still living in a rented place, you will be entitled to:

1. Tax benefit on principal repayment under Section 80C

2. Tax benefit on interest payment under Section 24

3. House Rent Allowance (HRA) benefit

Of course, you can claim tax benefits on the home loan only if your home is ready to live in during that financial year. Once the construction on your home is complete, the HRA benefit stops. If you took a home loan, got possession of the house, have rented it out and stay in a rented accommodation, you will be entitled to all the three benefits mentioned above. However, in this case, the rent you receive would be considered as your taxable income.

Q- 7. I have a home loan in which I am a co-applicant. However, the total EMI amount is paid by me. What is the total income tax exemption that I can avail of ?

Yes, you can claim income tax exemption if you are a co applicant in a housing loan as long as you are also the owner or co owner of the property in question. If you are only person repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). You should enter into a simple agreement with the other borrowers stating that you will be repaying the entire loan. If you are paying part of the EMI, you will get tax benefits in the proportion to your share in the loan.

Q- 8. I have two housing loans on two different properties. Can I get tax rebate under sec 80 C of both the loans?

Yes, you can get the 80C benefit on both loans. However, the total amount that you will be entitled to will be a total of Rs 150,000 (Rs. 1 Lakh up to A.Y. 2014-15) across both the homes.

The interest paid on a home loan is not directly deductible from your salary income for either of your flat loans. Income from house property will be calculated for each flat you own. If either of theses calculations shows a loss, this loss can be set off against your income from other heads. Please note with effect from financial year 2017-18 Govt has restricted the limit of set off of loss from house property against other heads of Income to Rs. 2 Lakh. Till financial year 2016-17 there was no restriction and assessee was allowed to set-off any loss from house property against other heads of Income. Please note the restriction is placed on set-off of losses and not on the amount of home loan interest that can be claimed as a deduction under Section 24 for a rented house property, the losses which could arise on account of such interest repayment can be set off only to the extent of Rs 2 lakhs. Such loss in excess of Rs. 2 Lakh can be carried forward for upto 8 Assessment Years succeeding the year of loss and can be set off against Income under the head House Property.

As for Section 24 deduction, on your self-occupied house you can take advantage of interest payments up to Rs.2,00,000 (Rs. 1.50 Lakh up to A.Y. 2014-15). For the other property, you can claim actual interest repaid, there is no limit for the same.

Q- 9.I live in Delhi in my own house. In 2011, I took a housing loan to fund the purchase of an under-construction flat in another city (Faridabad which comes under National Capital Region of Delhi but otherwise falls in Haryana). It is expected to be completed in FY 19. I haven’t claimed any tax benefit so far. What happens to the loan installments I have paid so far? Can they also be claimed for tax benefit?

According to the Income-tax Act, 1961, where the property has been acquired or constructed with borrowed capital, the interest payable on such capital for the period prior to the year in which the property has been acquired shall be allowed as deduction in five equal instalments beginning from the year in which the property is acquired. Thus, the interest included in the loan instalment paid by you during the construction period shall be eligible for deduction from the year in which the flat is acquired/construction is completed.

The principal amount of the loan repaid till date shall not be available as a deduction under section 80C till the time the construction of the flat gets completed. Once the flat is completed and the possession is handed over to you, you will be eligible to claim deduction for interest paid on the loan under section 24(b) and principal amount of loan under section 80C. The total amount of deduction available under section 80C shall be limited to Rs. 1.50 lakh (Rs. 1 Lakh up to A.Y. 2014-15). Thus, as of now, you are not eligible for any tax benefit on such loan repayments.

Q. 10 Is there any additional deduction which I can claim in respect of Interest on Housing loan in addition to interest Under Section 24(b)?

Ans. Finance Minister inserted a new section 80EE relating to the additional deduction in respect of interest on loan taken for residential house property. Assessee can avail the benefits of this section in A.Y. 2017-18 & subsequent assessment years till the loan is repaid. Purpose of this section is to promote house ownership & give a fillip to a number of industries like steel, cement, brick, wood etc. besides jobs to thousands of construction workers. to get more information on the please read the Full Article – Section 80EE Income Tax Benefit on Home Loan Interest

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Things you must know about tax benefits on home loan

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

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

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

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

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

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

(Republished with Amendments)

 

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939 Comments

  1. Aldenpinto says:

    Is it a compulsion to have a co-applicant when applying for a home loan …..it’s my first home loan and want to avail tax benefits. I am planning to get home loan and the banks are suggesting to add co-applicant. I am not married I work on the ships and was planning to buy a house.

  2. RAM DHINGRA says:

    Sir I want to know that :-
    I have purchased one Flat in joint name me and my wife with loan from Bank and some amount Say Rs.50,00,000 from my father as loan. Can I claim the interest amount paid to my father as Fixed Deposit rate in a bank which my father was getting at that time. irrespective of Bank Loan interest and if so what is the procedure to add the interest on loan from friends and relatives.

  3. habeeb says:

    Sir,
    i have taken the loan from LICHFL for purchased the house and avail the IT exemption on principal and interest amount of loan amount. now, i would like to take HBA from state govt. for purchasing of another house. from the both house loans, which loan principal and interest amount will be availed as tax exemption. pl clarify.

  4. Asma says:

    Hi , We own two properties -both on loan on me and my husband’s name.
    1st Property in Mumbai – Rented out . rent is transferred by tenant to my husband’s account and my husband pay’s the complete Emi for this house and he claims the tax benefit of this one

    2nd Property in Mumbai-Self occupied , complete Emi is payed by me .

    Can i claim the tax benefit of this 2nd property home-loan , do i have to add the rent of the 1st property to my annual Income .

    Thanks in Advance for your help.

  5. jagadish says:

    I have purchased a plot wit small old house.as I am a govt. employee will I get HBA to construct a new house after demolishing the old one, If so how?

  6. RAJNEESH PATEL says:

    I m living in Government quarter. If i take possession of my new house on 18.03.2019 and not vacated government quarter till 31.03.2019 than rebate against income tax payment can be availed or not. Plx reply.
    (rebate u/s 80 c and u/s 24)

  7. Ali says:

    My name is Ali and I am a govt employee have a site in my wife name I want housing loan on my salary she is house wife then can I get tax exemption benefits on it.

  8. N. Ravishankar says:

    I am a Govt. employee. I have taken loan for purchase of a site from a private Bank. The Bank has given a certificate for claiming deduction under Section 80(C) and 24 (B) of the Income Tax Act. Whether the loan installments paid towards the purchase of a site property is eligible for Income Tax Rebate? Please clarify.

  9. Pardeep Suman says:

    We have purchased house and I and my wife both are owner of house , we have purchased house jointly but housing loan EMI only paid by me because only my eligibility counts but my wife is co applicant.
    EMI deduct from my account .
    Can I claim 100% rebate .

  10. Buren Shah says:

    I am joint owner with my father and brother. I want to purchase the proportionate share of my father and brother through sale deed. I want to know that said transaction of sale is eligible for home loan ?

  11. BHAVIK BARCHHA says:

    I am Bhavik Barchha here. My question is-

    A person has completed his first home loan it means foreclose the home loan. and now he is going to take renovation home loan and that home is not self occupied.
    Then, Is he get tax benefit of renovation home loan? and only interest or principal and interest both?
    and if he eligible then what are the max. cap for deduction for principal amount as well as interest.

    please help to solve this.

  12. Padmanaban says:

    I am willing to repay the loan amount, like eg: I taken home loan of rs. 30 lakshs, now i am going to repay the Rs. 10 lakhs from my uncle gifted us. So here i should show income source or any details to the bank at the time of when paying the amount.

  13. JIVTESH says:

    In 2012, I took a housing loan of 12 lacs to fund the purchase of an under-construction flat and loan was completed in 2015. construction of flat was completed in 2018 & possession of flat is given in may 2018. 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?

  14. R Sreenivasulu says:

    I am planning to take HBA (House building advance for Employees) What are the IT benefits for this available? Can I claim both principal and interest from first year onwards or not?

  15. udayasargam@gmail.com says:

    Sir
    I take a housing loan from malappuram district electricity board co-operative society ltd for maintanance of residential house.can I deduct the interest and repaymant of that loan from my income

  16. mathimurugan says:

    Sir,
    If the home is taken over by the new bank in the year 2017 what will be the deductions for both the owners if the property is jointly purchased.
    If I take a loan from the LIC policy, is this interest amount paid is IT deductable.

  17. P. Kumar says:

    Me and my wife are Jt. Account holders in SCSS and RD A/cs opened in Post Offfice. RD is of 5 years tenure, with my wife as 1st applicant but both contribute interest availed, towards monthly deposit amount RD. can both of us claim IT exxemption.

  18. Amar Singh Sethi says:

    One of my relative has taken house loan rs. 15 lac from pnb through hr govt. She paid monthly installment for the year 2017-18,and rs. 1 lac in addition to monthly installment. The bank has issued statement showing rs 96000 interest due for the year. The deptt has refused to give benefit of interest showing due. Whether she claim benefit of interest under section 24.

  19. S K VERMA says:

    Sir, I have taken House Building advance from my govt. office. Now only instalments of principals are being deducted .Only after completion of repayment of Principal , interest will be deducted from my salary. Hence interest is not being paid at present.
    sir, I want to know whether I can avail exemption in income tax in respect of both Principal and interest. please guide me.

  20. P.pavankumar says:

    I got three houses and showing income as let out and now I want take a apartment with house loan yearly interest may be 500000rupees.i got income from let out around200000 rupees.whether i get 200000 rebate on new house overall .Pl clarify.All are let out only as I am staying in govt.quarter. pawan/seisailam

  21. RAHUL GAUTAM says:

    My husband and I have jointly taken a home loan. But my husband pays 100% percent of the EMI from their account. Can we claim tax benefits for interest and principal into the ratio of 50:50.

  22. naagesh rao says:

    My friend in his name took loan for purchase of apartment after paying for two years he died in an accident. His wife, nominee for the house, started paying EMI later. Is she eligible for rebate under 80c

  23. Sonu Verma says:

    I had taken a home loan in Jul 14. Took possession in Mar 16. Since the loan was partially disbursed i was paying the Pre-EMI’s till Feb 16. EMIs started from March 16.
    YEAR PEMI INTEREST Principal
    FY 14-15 60000 0
    FY 15-16 150000 0
    FY 16-17 160000 50000 10000

    So for claiming the Sec 24 benefit, which calculation is correct.

    CASE 1:
    PEMI for (FY 14-15 + FY 15-16)/5 + PEMI for FY 16-17 + INTEREST for FY 16-17
    provided the upper limit of 2 Lakhs

    CASE 2:
    PEMI for (FY 14-15 + FY 15-16+ FY 16-17)/5 + INTEREST for FY 16-17
    provided the upper limit of 2 Lakhs

    Can someone please help.

  24. Sonu Abraham says:

    I had taken a home loan from IDBI for my second house .I resigned from my job in Nov 2016 and migrated to Australia . I had been claiming pre-construction interest over the last 2 years when filing tax returns. I want to know I can claim the pre-construction interest this year also since I had not worked for the full financial year ( worked only for 8 months) ..

  25. Verinder says:

    I have purchased a flat in Zirakpur (Punjab) near Chandigarh in the name of my wife in 2014.
    Registry of property is in the name of my wife.
    My wife is a house wife with nil earnings and hence fully dependent on me.
    Till now, I was paying rent to my wife for the above property.
    The housing loan of the said flat is in our name – me and my wife is co-owner and the EMI is paid by me from my salary account.

    The question is
    “whether I shall get the benefit of income tax rebate or not?”

  26. Loansa Assis says:

    I read your article for home loan in lowest interest and how to procedure, but i had about for home, construction, property, housing, montgage all kinds of loans provider more information Get Easy Bank Loan

  27. SHIV PRAKASH VISHWAKARMA says:

    I BOOKED AN INDEPENDENT HOUSE ,AREA 970 SQFT.BUILDER REGISTERED TO ME THE ABOVE PROPERTY.I GOT THE LOAN AMT.FROM LIC HFL FOR PLOT PURCHASE. BUILDER HAS CONSTRUCTED UP TO PLINTH LEVEL WHICH IS ALSO REIMBURSE BY LIC HFL.
    Q:- WILL I GET INCOME TAX BENEFIT ON BOTH PLOT PURCHASE & CONSTRUTION AMT.

  28. Sunil Kumar says:

    I booked a home with M/S Eldeco City, Lucknow in the year 2010 and took a home loan of Rs 20 lacs from M/S HDFC, Lucknow in Jan 2011.M/S Eldeco handed over/gave possession in the year 2016.Will I get rebate in income tax benefit for the home interest portion and how much in the coming years.

  29. Vimal says:

    I have missed out on claiming Tax benefit under section 80C on Principal amount deducted by Bankers in the past few years. Can I claim the benefit now? If yes for how many years I can claim?

  30. Vimal says:

    My wife and I have taken a loan from Axis Bank from October 2016 onwards on Installment basis for 15 years. The repayment will commence from the time the flat will be ready and handed over to us in March 2018. Will both of be eligible for – deduction under Sec 24/Sec 80EE and 80CC from the time payment commences. What will be the proportion please? We have 50% share in the property and loan.

  31. Ranjan Mohate says:

    i booked a flat and currently paying interest on home loan my possession date is in March 2017.Currently i stay in a rented house and claiming HRA benefits. My question is :- Should i be able to claim both HRA and House loan interest tax benefits as i will be getting possession in this financial year itself ?

  32. BASKARAN says:

    in 2012, I have availed housing loan of Rs. 15 lakh from LIC HFL for purchase of one house. I paid Rs.150000 as interest and principal of Rs.120000 for the year 2015-16. Further I availed loan of Rs. 600000 from LIC HFL in 2014 for repairs and renovation and paid Rs. 80000 interest and repaid the principal portion Rs.40000 during 2015-16. Please clarify how much interest I can claim u/s.24 and principal amount u/s.80C

  33. Kiran says:

    Me and my wife are joint co-owner and co-borrower of my 2nd house (which is a flat in Bhiwadi). Can we claim income tax benefit on the 2nd house for which we are paying home loan? the above flat is not given on rent and is lying vacant. My employer is saying that we can not claim income tax benefit as the flat is lying vacant. Can anybody please clarify?

  34. mohit sharma says:

    I have taken a loan for construction of house,which is on the name of my mother.the home loan is on my name and bank has provided the statement on my name.Can i claim the interest paid in income tax rebate.?

  35. Mohamed Rafic says:

    I have taken home loan ( includes both construction and land purchase) and started paying the EMI. But I am yet to start the construction. Will I be eligible to claim Tax benefit for the Principle amount I pay.?

  36. Srinivasan says:

    I have taken a joint home loan with my spouse and my annual interest component comes to Rs.2,40,000. Based on the above comments, I understand that the total deduction we can claim on this interest under Section 24 is Rs.2.40 lakhs in total and not Rs.2.4 lakh each

  37. bggarg says:

    I am working in CWC-Govt Of India service at New Delhi , Recently i purchased a ready built house amounting to Rs. thirty six lakh at Haldwani Disst. Nanittal (Uttrakhand) in the name of my wife (house wife)
    * I had taken GPF advance for above purchase as 20% of above house.
    * Loan taken Rs. Thirty lakh fron LIC Home Loan Due to service time balance is below 3 years ( My Retirement on 10/2016) LIC – HFL add my son as co-applicant as his service(Working in private org) is about 28 years LIC-HFL sanction order made namely My Wife / My Son & my self.
    * Housing loan installment Rs. 27995/- Per month start from 09/2016
    It is requested that Income-tax rebate should be claim by me or my son.
    thanks
    bggarg
    bggarg123@gmail.com
    Mob; 9891941499

  38. vipin says:

    I have taken a joint house loan with my real brother and cousin of Rs. 4300000/- from bank to purchase a house. The interest and principal payable for a year is about 400000/- and 90000/- respectively. We all are co-owner as well as co-borrower of the property and paying monthly EMI @ 45000 (including interest and principal both). The amount (EMI) is directly debited from my saving account every month. We all three (including brother and cousin) are contributing /depositing money in my saving account randomly depending on availability of money with each one of us so as a total amount of 45000 is deposited in my saving account per month.
    Please suggest how and to what extent each of us can claim rebate on both principal and interest component when we all are contributing arbitrarily to the monthly EMI. Can each of us claim the rebate on interest up to Rs. 200000/- individually or in proportionate amount (33.33% each) or only to the amount contributed by each in a year.

  39. Deepa says:

    we have taken a home in 2013. The housenis registered under by husbands name, but the repayment is done by me. How can I avail the tax benefits.

  40. Ankur R Sharma says:

    hii I took a loan for improved my House property
    my house was already constructed.
    Can i will take deduction in u/s 24b..??

  41. Biswajit says:

    Hi,
    I have taken home loan in Nov 2014 and paying EMI since Jan 2015. I registered the flat last month. I have not occupied it yet. I am currently living in a rented house. In the company prepared Form 16, the rent component is present. Can I also claim the home loan interest paid so far in this Fy 2015-16 tax returns?
    Biswajit

  42. Sanjeev Kumar says:

    while filling the income tax return whether i will deduct interest on house loan first then i will show the gross income of first i will show the gross income from salary and then deduct interest on house loan and principal amt paid for house load plz guide me

  43. Chandra Sekhar says:

    I purchased home on may 2016 and due to some personal reasons i am not shifting to that house now (the house is already constructed and ready to occupy). I am planning to shift around Jan/Feb 2017. Can i avail tax benefit for all ( HRA, 80C and loan interest). I am planning to show proof for HRA until I occupy new house.

    My doubt is other 2 components 80C and Interest on house loan is still eligible right?

  44. Theodore John says:

    Myself and my wife both Kerala State Government employees had availed department HBA jointly. The principal and interest are repaid as Salary deduction equally by both of us. The house has been constructed in the property owned by me and the house is in my name. Can both of us claim tax relief on repayment made

  45. Atul Gupta says:

    Hi, I took a loan of 1500000 for house building in 2009. The loan was repaid in next six years with interest component amounting to Rs 310000. The house construction is nearing completion in Dec 2016. How can I claim tax deduction. Pl advice.

  46. Kaberi Dutta says:

    I intend to purchase one flat from my overdraft a/c with purpose of purchasing flat as I am not getting home loan due to my age . Can I claim home loan interest exemption from Income Tax ?

  47. Tushar Chaudhari says:

    Hello…
    I want to know that if I have purchased a new flat (say flat-1) against housing loan in my own name and given on rent. And i am residing in another rented flat (say flat-2) in the same city. Shall i be entitled to claim HRA for rent I pay (for flat-2) and get benefit of interest and principle for my flat (flat-1) in respective sections of incometax ?

  48. Sangeet Menon says:

    Hi,
    I intend to purchase a property(pre-constructed residential flat) on name of my mother only (single ownership of house). But I intend to apply for the home loan under the name of my mother and me as a co-applicant. In that case can I claim the Home loan tax benefits as I will be the one paying the EMIs for the Home loan?

  49. Mr Singh says:

    I have in possession a property for which I have been claiming INR 2 Lacs as deduction for last 2 years. However this year I want to show the same as deemed to be let out. Can I claim deduction for all the interest portion (i.e. preconstruction + post construction) minus INR 4 lacs as I am declaring it as deemed to be let out in year 3 and also due to the fact that the property is in Noida and I am staying in Delhi due to my job requirements. The unutilized portion of the interest is much higher than INR 2 Lacs till the end of the current financial year if all added together.

  50. ankit says:

    sir….i am working in armed forces. i have taken two loans one is house loan of 29 lac and second one is home improvement loan of 14 lac. So, monthly i m paying a total emi of around 41k per month.
    I just wanted to know whether i am eligible for tax deductions under both the loans and what is the limit as m not staying in that house. I am staying to some other army area campus in a different city.

  51. Ramdas Srv says:

    I took a housing loan in Jan 2015. The EMI starts from Aug2016(Max 18 months holiday period). But the flat is not ready for occupation . It may be handed over after March 2017. Can I claim Tax exemption for the EMIs. I will be paying from Aug2016, in this FY 2016-17?

  52. Ramdas SRV says:

    I took a housing loan in Jan 2015. The EMI starts from Aug2016(Max 18 months holiday period). But the flat is not ready for occupation . It may be handed over after March 2017. Can I claim Tax exemption for the EMIs. I will be paying from Aug2016, in this FY 2016-17?

  53. Brijesh Shetty says:

    Hi,
    I have recently booked a new house. i already have an existing house. The new house will not be a self occupied house and will be let out. I done have loan on my first house. What Income Tax rebates/benefits can i avail?

  54. Mahesh says:

    Recently I have purchased a property on home loan, my dad and me are the co owners of the property. but however I am the only me paid the stamp Duty(1.4L) fully and will be paying EMI’s also. So can I get the tax exemption fully for the stamp duty (1.4L) and full EMI amounts for the next FYs ??

  55. Surjit says:

    I have house loan and i am paying total 60000/- during the FY 14-15 and bank charged interest Rs 23829/- than how i will claim in my ITR Rs 60000/- in 80C and 23829/- sec 24 or 60000-23829=36171 only claim in 80c pls suggest me

  56. Ramani says:

    wife and husband jointly taken housing loan and constructed house in husband’s property. The loan interest and principal is recovered from wife’s salary and husband is not having any income. please clarify whether wife is eligible for income tax exemption under section 24b.

  57. Prateek Agarwal says:

    We purchased one house on my father’s name and the registry of the house is also on my father’s name. We availed one loan from the bank and in this loan me, my father and my brother are co-borrowers and while arranging that loan my income and my brother’s income was considered for repayment of the loan. i had read on http://taxadda.com/income-tax/house-property/deduction-of-interest-sec-24b/ that only owner can claim deduction under this section. I have one question that can me and my brother can avail income tax benefit under section 24b.

  58. Pavan Raj says:

    I took home loan In Dec 2013 and purchase an under-construction flat , It is expected to be completed by July 2016. 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? .. Do I need to have Possession Letter or any occupancy letter is enough for the claimed for tax benefit

  59. GURDEEP SINGH says:

    IF HOME LOAN EMI INCLUE INSURANCE PREMIUM ALSO. CAN WE CALAIM PRINCIPAL/INTT/INSURANCE PREMIUM PAID FOR HOME . CAN WE CLAIM ALL

  60. Pankaj Soni says:

    i have taken a house loan for purchasing the house property. later on i let-out that property but rent of same are receiving by me & My wife Jointly.EMI of the same are being paid by me. can i take full amount of interest exemption paid on EMI

  61. nida khan says:

    I have taken a house loan in 2014 of Rs 15 Lacs at interest of 9%, in 2016 i have taken another loan for repayment of house loan at lower interest rate and repaid more amount of house loan in 2016 .So Can i get the deduction of house loan for the amount i have repaid for the loan.

  62. Sadaf Tahsin says:

    My question is a little complicated. I am working with State Bank of Hyderabad (SBH) and my husband is employed in Tata. My employer offers concessionary ROI on housing loan to staff only. Me and my husband is planning to purcahse a flat in Joint Name and avail home loan in joint name from SBH but my company will be deducting EMI from my salary itself since I am the employee. So can me and my husband both claim tax benefit and installment benefit under Income Tax laws by the certificate issued by SBH in Joint Name. My husband wants to make the repayment but SBH will not entertain any other mode of repayment apart from my salary. We want to avail loan from SBH beacuse of concessionary rate of interest. Pls guide

  63. bharti singh says:

    In one of our property wife is the owner and i am co-borrower. And in second we are co-owner and co-borrower.
    1) will i get tax rebate on my first property?
    2) my second property (in which we both are co-owner and co-borrower) will also be ready to be delivered. Now can i claim tax rebate on this second property also?
    3) if yes to point 2 then which one will be considered as my first home and which one will be second home?

  64. Nisheeth says:

    I live in my family house (owned by my parents). I recently purchased a ready to move in property and took a home loan. The property I purchased is in the same city (locality next to ours) and I intend to give it on rent and expected rental income is 40-50% of EMI. Now I have two doubts..

    1. What is the maximum benefit can I claim against the interest part of home loan. Is it 2 lakhs or max of rental income or the there is no limit?
    2. Can I pay rent to my parents and claim HRA exemption at the same time?

  65. Yogesh Amera says:

    I am co applicant in my home loan with my wife but in the property registry i am not co owner. My wife who is totally dependent on me is the owner. Can i avail house loan benefits in my income tax calculation ???

      1. bharti singh says:

        In one of our property wife is the owner and i am co-borrower. And in second we both are co-owner and co-borrower.

        1) will i get tax rebate on my first property?

        2) my second property (in which we both are co-owner and co-borrower) will also be ready to be delivered. Now can i claim tax rebate on this second property also?

        3) if yes to point 2 then which one will be considered as my first home and which one will be second home?

  66. Milind says:

    I am staying and working in Aurangabad, Maharashtra in a rental house.
    I purchased a flat in Pune, Maharashtra (@250kms from Aurangabad) which is still under construction and possession is expected in 2017. Can I claim, own contribution and ST; VAT and Stamp duty under section 80C and interest paid to lender under section 24?

  67. Prem Kumar says:

    I have taken a house loan of 10 lakhs from Govt of Kerala. As per the rules principle portion is being repaid first. Interest portion has to be repay after the completion of principle amount. Can I am eligible for deduction of interest as per 24b as accrued interest?

  68. AMIT TALATI says:

    MY HOME LOAN AMOUNT OF RS. 65000 WILL BE NEAR TO COMPLETE IN SEPT-2016. NOW, I WANT TO TAKE TOP UP LOAN OF RS. 900000. ITS EMI WILL BE @ RS. 9000/- P.M. WILL I BE ENTITLED FOR TAX BENEFIT FOR TOP UP LOAN? HOW MUCH TAX BENEFIT WILL BE THERE?

  69. AMIT TALATI says:

    SIR I HAVE HOME LOAN OF RS. 65000 NEAR TO COMPLETE BY SEPTEMBER- 2016. NOW I WANT TO TAKE A TOP UP LOAN FOR RECONSTRUCTION OF THE SAME HOUSE. WILL I BE ENTITLED FOR TAX BENEFITS ?

  70. Yamini says:

    Me and my husband has taken joint home loan to buy a house. We both are co-owner and co-borrower. Joint home Loan has both names i.e. me and my husband. I am paying the full EMI and it is being paid from my account.
    To submit investment proof in company Bank has issued provisional certificate under both names. There is no ownership ratio in sale deed, nor we have any agreement that I can claim full 100% benefit.
    Now we are in process of divorce. And my husband is claiming 50% tax benefit, though I am paying the full EMI which is deducted from my account. And my husband is not paying at all towards home loan repayment.

    My question is Can I claim 100% tax benefit when I do not have ownership ratio in sale deed, nor I have any agreement that I can claim full 100% benefit ?

  71. kapil giri says:

    I have taken Basic home loan in June-2013. Again I have taken additional top-up house loan on the same property in Dec-2015. So I got two different Home loan Account Numbers on the same property. Shall I take benefits of both loan amounts i.e. Interest paid on both loan for Income Tax calculation purpose. i.e for Deduction of Interest Amount of Both loan from Gross Income.

  72. Tarun Gupta says:

    One doubt on home loan ,if I repay the home loan taken from bank ,by a loan from parents.can I claim the tax benefit of interest paid to parents under section 24?

  73. Tarun Gupta says:

    One doubt about the home loan ,if I repay the home loan taken from bank ,by taking a loan from my parents.can I claim the interest paid to my parents under section 24?

  74. raman says:

    A 1BHK flat was allotted to my wife (she is the only owner) by DDA. As my wife is not earning so I took home loan as co-borrower and paying the whole EMI every month. Please tell me how can I save income tax? Thanks in advanced 🙂

  75. edward says:

    Can I claim income tax rebate on home loan after full disbursal of loan amount or is the physical possession of the property mandatory? I am paying EMI for the last 6 months (paid pre emi for earlier 3 years). Can I now claim income tax rebate since the property has still not been handed over to me

  76. Sunil G. says:

    I have paid registration charges for my new under construction property in year feb last week 2014-15, can I claim this charges for income tax exception for current year? Also I am paying EMI for under construction property please inform can I claim my current year EMI for tax benefit. My property still under construction and I will get possession by Dec.2016.

  77. Gambhir Singh says:

    Sir I am living in a govt accommodation, and I have taken a home loan for construction.Can I avail income tax rebate on home loan interest after completion of Construction work.

  78. Siva Mogili says:

    Sir,
    My wife and I have jointly taken a home loan. Both are paying 50% of EMI and property on my wife’s name only. can I claim income tax benefit of 50%. please help me.

  79. Shreyas Mehrotra says:

    Dear Anany, I plan to register a house jointly with my wife and hence she would be the co-owner. I would also be taking a home loan jointly with her. The EMIs would be made through my salary account itself but paid both by her and I. Is it possible for her to claim IT benefits or does the account through which the EMI is being paid has to be a joint account? Pls let me know. Thanks.

    1. s sudarshana says:

      Good question. Important points: 1) If you buy jointly with the wife, notwithstanding the ration of input at the time of purchase, both can claim the rebate, both interest component and principal component in a ration that will give maximum rebate/benefit to family. The ration can be changed every year. 2) Repayment is to be done, preferably through an account which has the input from the spouse account to satisfy the rule that the proportion is not only indicative but actually so.

  80. sathish kumaar says:

    Dear Anany – we are building a house and land is in my mother’s name. I need to claim IT benefits as I’ll pay EMI. Above answer for Q7 states that I need to be a co-owner and we can get into a agreement that i’ll pay the entire loan amount.
    1. Can you share the format/ template of that agreement?
    2. Even if my mother transfers just 10% or 25% ownership, can I claim 100% IT benefits after entering into an agreement or is there any minimum ownership that I need to possess?

  81. Jeevan Mallampalli says:

    Hello sir/madam,
    I have two home loans against two properties. One house is under let out at vizag.
    Another will be given possession in march 2016 in Pune.
    Now I am staying at rented house and availing hra. Please guide me to avail tax exemptions for this FY

    1. s sudarshana says:

      You can claim under both sections that deal with the HRA exemption and negative income due to housing loan. The let out property will have the negative income due to interest liability and a positive income by way of rent. If the net is negative you can claim u/s 24B

  82. Pawan says:

    I am giving emi for two houses for which I have taken loan. And both the houses are occupued am giving emi for two houses for which I have taken loan. And both the houses are occupued by my family members. Can I claim loan for both the properties under Section 80by my family members. Can I claim loan for both the properties?

  83. Pawan says:

    Hi,

    I am giving emi for two houses for which I have taken loan. And both the houses are occupued by my family members. Can I claim loan for both the properties under Section 80C

  84. Rajendra Juttada says:

    Sir,
    I have taken a Home loan jointly with me and my wife it is self occupied property.My wife is prime applicant and I am co-applicant. The EMI is being paid from my bank account. My wife is not in job she is a housewife and not claiming the tax rebate on this. My Wife is owner of the house and I am the co-owner of the house.

    Can I claim tax rebate of full amount of interest and principal on the housing loan on which i am co-applicant? EMI is going from my bank account.

    If I can’t claim tax rebate then Is there any way to by which in future I can take tax benefits over home loan.

    1. s sudarshana says:

      Good news for you. You being the co-owner you too can claim the exemption under section 2B and Secion 80; interest and principal component. The ration between you two can be fixed by you and her. As she is not having any job and you are paying the full emi the ration can be shown as 0:100 between owner and co-owner. You can claim full rebate.

  85. Anany Goel says:

    pre emi interest to be claimed in 5 equal yearly installments
    post completion interest allowed on payment basis…s full amount paid is allowed

  86. Anany Goel says:

    as a rule deduction can be claimed only if you are a co-owner, so u can claim deduction only for the flat in your name and not the other one in your wife’s name

  87. Anany Goel says:

    you are eligible for the amount of EMI you have paid before 31/3/2016 as a deduction. principal component u/s 80C upto Rs 1.5L and interest amount upto Rs. 2L u/s 24.

  88. Braghadeswaran T says:

    Hello Sir/Madam,
    I’ve bought a land through a Home-Constrcution loan under condition to construct
    the home within 3 years. As part of it, I’d paid Stamp duty/Registration fee. Does the Stamp duty/Registration fee gives Tax-Benefit current FY and if not when could it be availed?

  89. Pavan says:

    Hello, I have purchased a ready to move in flat in Nov’15. My loan tenure starts from 1st December onwards which amounts to 1.5L in the current financial year. Am I eligible for full amount or is the amount prorated to 4 months of the year from Dec15 – Mar16 which means 1/4th of the amount 1.5L equal to 49K approximate. My Employer considered 49K only, is this the right

  90. prem kumar says:

    Can I take advantage of tax benefits from a home loan + renovation loan as well as claim House Rent Allowance (HRA) ,even i am staying and working in delhi and property also exist 20 kilometer away from staying working place ?

  91. Jitendra S. Kewate says:

    I have Ist Flant in my name & taken a home loan & IInd flat in my wife name & taken a home. IInd flat home loan in i am the co-applicant. They are deducting the EMI from my wife’s account in IInd flat & Ist flat in my account deducting in EMI. then I can get the IT benefit in Ist loan in 100% & IInd loan in 50%. Please advise if this correct and also what are the other possible options available to me and which one would be most beneficial to me

  92. Karthikeyaan AR says:

    Hello Sir, I have purchased a flat in May 2015. I have been paying Pre-EMI for 6 months. In December 2015, the construction of the flat is completed and the full loan amount is also disbursed. We have also occupied the flat now. My question is, can I now claim both the (Pre-EMI + EMI) interest together in the current financial year (2015-2016) itself, under Section 24(b)?

    Kindly provide your answer.

  93. PRASANNA KUMAR V says:

    housing loan in my name (full amount in my name and wife not joint borrower or co-boligant) and property is in my wife name. I am eligible for income tax deduction?
    please mention

  94. JATIN SHAH says:

    I have taken Home loan with joint name of wife however the same is still under construction and possession not taken and am servicing only interest amount from Bank.

    Can i claim in IT

  95. Vilas Shantaram Pawar says:

    Sir,
    My house is under construction. I taken HBA loan from my employer. Possession of house about within two years. So I can getting tax benefit ?

  96. Siddesh Naidu says:

    My housing loan was paid off, however i mortgaged the house to get loan for my sister’s marriage. Can i still get exemption for this loan under section 80 c ?

  97. Lovekesh says:

    My home loan interest for last year was more than Rs. 2 lacs, but I could claim tax deduction for only 2 lacs. but in financial year 2015-2016, home loan interest is less than 2 lacs. Can I claim the tax deduction on the home loan interest amount which was not considered last year with maximum limit 2 lacs

  98. Anil says:

    Hi am taking home loan and my home is in under construction. If i make any prepayment of loan then should i get tax benefit on on partial prepayment of home loan??

    1. Vilas Shantaram Pawar says:

      Sir,
      I taken HBA loan from my office. but my house is under construction. Before possession of house, am i eligible for tax benefit or not ?

  99. himanshu panchal says:

    Hello, I have question regarding home loan, I am doctor by profession and has income from two sources, I file income tax for both source, I have taken home loan in 2011 and later has paid part payments for foreclosure, Can I get tax deduction for the amount which I have paid extra for foreclosure ? as income loss ? or as under expenses head?

  100. Rahul says:

    I hav purchased a flat on joint name with my wife. We both are bank employee but serving in differnt bank. I have taken the loan from my bank and the installment will be paid from my salary as per banks norms as I hav availed loan under staff loan scheme. Is it possible that my wife also can avail income tax benefit as the property is in joint name?

  101. ADITYA GARG says:

    Hello,

    I bought a flat on my wife’s name and taken a loan on both of ours name. EMI is deducting from my account.

    In this situation, who (me or my wife) will be eligible for taking tax benefit on housing loan interest part?

  102. vk says:

    i have taken loan against property, the home is in my mother’s name, i am a co-applicant along with my mother, father and brother. can I claim income tax deduction on the interest and principal

  103. S.SUDHIR says:

    I have two housing loans against one property. I have taken a loan of Rs. 10 Lakhs in the year 2012 and another loan of Rs. 12 Lakhs in the year 2013. I am working in public sector enterprise and my wife is housewife. The property is in joint name. Will i get Rs. 2 Lakhs benefit for the IT Deductions under housing loan. Please mail me your answer.

  104. Vinay Kumar says:

    I have taken a Home loan jointly with me and my wife it is self occupied property.My wife is prime applicant and I am co-applicant. The EMI is being paid from my bank account. My wife is not in job she is a housewife and not claiming the tax rebate on this. My Wife is owner of the house and I am not the co-owner of the house.
    Can I claim tax rebate of full amount of interest and principal on the housing loan on which i am co-applicant? EMI is going from my bank account.
    If I can’t claim tax rebate then Is there any way to by which in future I can take tax benefits over home loan.

  105. Pritam says:

    I have purchased flat, still under construction. Principal for this year from EMI is 50000. Can I save tax on repayment lets say 100000 in 80C?

  106. geetanjali sahoo says:

    sir
    i ve availed a housing loan on february 2014. can i get housing loan benifits in the financial year 2015-16 for the interest and principal paid in this financial year.

  107. SURESH RAI says:

    Sir,
    I am a central government employee and want to purchase two properties (two flats) at a time. The bank is asking for two separate housing loan for the same. Now will I get the tax benefit on both the housing loans and how?

  108. Navin says:

    Hi,
    I hold a house whose registration data is Nov ‘2011.In dec’2015 I am planning to sell that house and buy a new house in Feb’2016.Will I be able to get the complete tax benefit on the capital gain ?

  109. RAMESH says:

    DEAR SIR
    WE HAVE OPENED A JOINT ACCOUNT IN POST OFFICE TIME DEPOSITE SCHEME FOR 5 YEARS. CAN WE BOTH OF CLAIM INCOME TAX REBATE IN 80C OR THE SECOND HOLDER.

  110. Krishna says:

    Hi,
    Nice FAQ. I have a query.

    I bought a HOUSE, but it is still under construction, not registered yet. My EMIs have started. Is there any tax benefit I can claim in current year i.e, FY 2015-16?

    Thanks,
    Krishna

  111. pratibha saini says:

    Dear sir I have purchased a plot of my mother in low name take a pl me then we take homelone i am only give emi in my salari account can i take income tax deducation

    1. Shaheen says:

      I dont think you will get tax exemption on plot only…Tax exemption can be claimed after completion of construction of house. Moreover, for tax exemption claim you must be legal owner of property and EMI should be deducted from your account. You dont full fill first condition (Legal owner).

  112. Shaheen says:

    Before marriage i had bought a house by taking home loan of 15 lac. I am the only owner and borrower of my first property..After marriage i and my wife bought a new home in another city just for investment ( My Second Property and my wife’s First Property)….For this new propery my wife is co-owner and co-borrower…EMI is being paid 50-50 by two of us…We are living in my first property and new one second joint property is let out…Now for tax exemption
    (1) Will my wife get tax exemption under IT act-24 on 50% interest portion paid to bank without any sealing or cap since her first property is let out and not self-occupied. Or she will get 50% interest tax benefits with maximum sealing of Rs.200000?
    (2) Will i get tax exemption under IT act 24 on 50% interest portion paid to bank without any sealing or cap since my second property is let out and not self-occupied.

  113. Akhay Roy says:

    I have taken Rs.270000/- HBL from Canara Bank on July 2013. I got the possession of the flat on Nov 2015.How can i get rebate in income tax.

    1. Shaheen says:

      After possession, already total paid interest to bank can be claimed for tax exemption in 5 equal installments (5 finanicial years). But only interest portion under section 24.

  114. MITHUN H.V says:

    I have taken loan of 1300000 in LIC for construction of my house in the year 2011-2012 and EMI of 12750/mnth is deducted.I need the show the investments of current year to my company. Please let me know under which section i should show the investments.

    Kindly let me know

    1. Shaheen says:

      Principal amount under section 80 C and interest portion under section 24. But saving can be declared after completion of construction/ Possession.

  115. ravi gupta says:

    I have taken a Home loan jointly with me and my wife it is self occupied property.My wife is prime applicant and I am co-applicant. The EMI is being paid from my bank account. My wife is not in job she is a housewife and not claiming the tax rebate on this. Can I claim tax rebate of full amount of interest and principal on the housing loan on which i am co-applicant? EMI is going from my bank account.
    Kindly help me.

  116. Dhaval Shah says:

    I along with my wife own a house which has been purchased via HDFC home loan. My wife is non working and hence I am going to re-pay the complete loan. House construction is complete and we have leased it out. Rent is paid in my Wife’s account as she is also legal co-owner of the house.

    Also I am staying with my parents at my father’s house and paying rent to him on monthly basis

    Request you to help me w.r.t below queries –
    1. Can I claim HRA as I am staying in my father’s house since I am actually transferring amount to his account on monthly basis?
    2. Can I claim home loan benefit (i.e. for principal and interest) as per the tax exemption law
    3. Should the income generated in the form of rent from the house owned by me and my wife shown as an income for me or my wife?

  117. Srinivasan says:

    Hello sir,

    I have taken housing loan in Aug 15 .. 95% amount is disbursed to the builder and 5% is remaining for handing over. Expecting possession in Dec 15 or jan 16.

    My query is ..

    1. Can I avail tax exemption now?

    2. I got a Provisional interest certificate bank and it says for this financial year only interest will be deducted. but in my company they are asking the Principal amount to declare. how to do this?

    3. under 80 c we can declare for principal amount and under section 24 we can declare for interest amount. Am I correct?

    Regards,
    Srinivasan NG.

  118. Sachin Ingle says:

    Dear Sir,

    I have taken home loan from bank…also received possession from builder but due to some pending work (Road, Society Formation) Builder not giving possession letter. My company asking for possession letter to get housing loan benefit.

    Also Full EMI deducted by bank from last 1.5 Years…

    My Question is can i get Housing Loan Principal & Interest Benefit without getting Possession letter…

    Sachin Ingle

  119. SreeHari says:

    Hi,

    I”m planning to take Home Loan and every month my Tax deduction from Salary is 7K.

    So after taking 30 lacs Home loan what will be new Tax deduction ?? Please suggest.

  120. tamil selvan says:

    Sir
    bank lend loan only upto 80 % of total value of property. if i arrange remaining 20% of total value of property by mortage/gold loan to purchase the property, whether the interest on this gold/mortage loan is eligible for income tax deduction?

    can any one have knowledge on this aspect please share.

    Thanks

  121. Amit Singh says:

    Hi,
    This is in reference to Q9 where Interest can be claimed in 5 equal parts after the possession. My question is it necessary to claim the interest in 5 subsequent parts or I can claim it total of 5 times only but in skip in any FY.
    For example.. I got posssesion of flat in FY 2009 – 2010. Then I file IT returns from FY 2009-2010 till FY 2013-2014 (4 years) where I claimed 4 parts of interest. Now I was out of India during FY 2014-2015 so no Income Tax applicable during this FY.
    Now during FY 2015-16, can I claim 5th part of Interest for tax rebate ?

    Thanks

  122. Anil Sharma says:

    I have taken possession of my flat from the Builder in August, 2015. I have availed home loan from SBI. As per the provisional interest certificate, I would have to pay Rs.91,250/-as principal and about Rs.2,30,000/- as interest for FY 2015-16. The property has not been let out sofar. My query are as under:

    (1) since I have taken the possession, is it necessary to show some minimum NOTIONAL rental income even it has not been rent out?

    (2) If no, whether, I will be eligible to take rebate on actual interest paid as I have taken over the possession or it will be restricted to Rs. 2.00 lakh?

    (3) In case, I am able to rent it out, whether, I will get the benefit of rebate for the interest paid in last 2 FYs as the same has not been taken by me for not getting the possession? And if so, whether the rebate will be restricted to Rs.2.00 lakh or it will be on actual basis?

    (4) In case, I am NOT able to rent it out, whether, I will get the benefit of rebate for the interest paid in last 2 FYs as the same has not been taken by me for not getting the possession? And if so, whether the rebate will be restricted to Rs.2.00 lakh or it will be on actual basis?

  123. rahul says:

    i am co-applicant of home loan . i am not co-owner.
    pls tell the affidavit is sufficient to show me as co-owner ?

    or cheapest document to make me co-owner in haryana gurgaon ?

  124. Lawrence F. Vincent says:

    If a son avails a home loan to construct a house on his father’s land, can he claim any IT relief for the repayment? (Please note, that though the building belongs to the borrower, it involves no property registration as the land on which it stands was already registered).

  125. Manoj Sawant says:

    Sir,

    I have a query related to housing loan interest & principle deduction in IT return filling. Can wife claim full deduction of interest & principle which she had partly paid and part paid by her busband but husband is not claiming his portion of interest & princilpe.

    can any one guide me..

    Thanks,
    Manoj

  126. MUKESH KUMAR SAIN says:

    SIR I AND MY MOTHER TAKEN HOME LOAN FOR CONSTRUCTION. IN THIS LOAN MY MOTHER ONLY OWNER OF THE HOUSE PROPERTY BUT FULL INSTALLMENT AND INTEREST PAID BY ME. AM I ELIGIBLE TO TAKE BENEFIT OF REPAYMENT OF HOUSE LOAN AMOUNT. BANK PROVIDE CERTIFICATE ALSO IN THE NAME OF MY MOTHER AND MY NAME.

  127. srinivas says:

    house property is in my spouse name. but loan is taken as i am co applicant. can 50% of home loan interest and principle can be taken for my income tax deduction? pl. reply immediatly

    1. Suraj Kumar says:

      Plz. provide information on Housing loan that Loan is on both name husband and wife. But property is only in the name of wife only who has no income. Can the husband claim IT rebate on Section 24

  128. murali krishna agnihotram says:

    I have purchased a flat and taken loan from bank. At the time of registration of that flat i paid Rs.1,27,650 for registration charges and stamp duty.can i get tax exemption on this registration charges and stamp duty.If so tell me the section in income tax act.

  129. jigar trivedi says:

    i want to buy housing property with joint account to my brother & father.

    I want to know, how much 80C Exemption limit we get from incometax dept individually.

    Whether we all get interest limit of 2 lakh individually or it will be total for all of us.

    Please reply.

  130. Harish says:

    Sir, i am from mumbai and unmarried currently and have bought a property in pune as an investment. I have taken home loan as single applicant and i m the only owner of property. Now, i m planning to get married in January 2016. My fiancee is also a working woman. Niw i want to add her as co applicant so as to clear my loan early. Is it possible to add her name as co applicant after marriage? And if it is possible…will she able to claim tax benefits as her contribution will be the additional payment to EMI?

  131. Ri F says:

    Hi,

    I earn 6.4L a year.I have 80C upto 1.5L (from LIC and medical,pf etc).I would like to take home loan to buy a plot (15L for 20years).It would come around 14500 EMI.
    Please let me the following:
    1. How much home loan emi exempted from taxable income.
    2. When do i need to start construction,what if i keep it as a plot.

  132. Jigar says:

    Dear Sir,

    I would like to know that can i declare my parent’s “Interest on Housing Loan on fully constructed accomodation”. But loan is on there name and account but I am paying.

    Also take a note that i am leaving in different city and taking benifit of HRA.

    Thanks,
    Jigar

  133. CHUDAR says:

    Assessee can claim housing loan interest & principal amount ( Housing loan taken in the name of spouse). can claim Deduction under section 80c???

  134. Bapan C says:

    If one has a property for which no bank loan remains and if he byes a second home in the same city for example: Thane , what will be tax implication considering the person stays in a rental house in mumbai which is little far from his own house and he has both the property let out in thane.
    Whether he will be eligible to get the whole interest part tax exemption?

  135. RAHUL ARORA says:

    Hi, Is there any time limit for claiming interest on loan during the pre construction period? If i take a loan in 2008 but got possession in 2014( 6 years), How much of accumulated interest can i claim in next five years @ 1/5th every year?

  136. Ashok Kr Pandey says:

    Hello Sir,
    During housing loan from SBI- Lucknow, the loan was sanctioned in 2010,to my wife name and according to arrangement letter my name has mentioned as guarantor due to any reason or mistake. At the time of home loan, RACPC taken my salary proof, PF amount, form-16 and all relevant documents by me in the matter of repayment because My wife is house wife and She is not working anywhere so her income is nil. She also did not file income tax return. Now the RACPC is denying to add my name as borrower or co-borrower. We both have an joint account in SBI Ismailganj branch , where the loan has approved and being repayment. The property is belongs to both of our name. The repayment of principal and interest amount are paid by me. Presently we have shifted in home means the property has occupied. Please suggest whether can I able to avail benefits of house loan with my taxable salary ?

    Thanks

  137. Bhoomi says:

    Dear Sir,

    I with my husband are buying an out-right property in Mumbai. And are planning to take a home loan. We both would be owners and borrowers of the property. I am a salaried professional but the loan would be repaid by my husband.
    We would continue to stay in our in-laws home in Mumbai itself and put the new flat on rent.
    My Husband also owns a property in Navi mumbai, which is co-owned with his brother. This (Navi Mumbai) propety is currently vacant but we will put it on rent.

    Can you please guide on the maximum tax benifits that we can get from this New property home loan.

    Note: We are yet to get the property and the loan is also under process. We can make required changes if required to get maximum tax benifits.

  138. Deven says:

    We booked a house in March 2010 and got the possession in Oct.2014. The property was booked at the name of my wife only. However, both of us were co-borrower for the loan and paid the Pre EMI interest. In Jun’2015 immediately after getting the conveyance deed, she made a transfer deed also, after which we have become the co-owner each to the extent of 50%.

    My question is does it entitle me to the claim the benefit against the Pre EMI interest which was paid prior to the possession of the house during the period from April 2010 to March 2014?The pre EMI interest was largely paid by my wife.

  139. Abu says:

    Sir, I have taken a loan against my name on my parental property (my mother is actual owner). My parents are not capable of paying the EMI’s. Last year, I took the loan from a national bank to construct the house. The building construction is completed and I am paying the EMI regularly. Can I avail tax benefit of the load amount?

  140. Abu says:

    Sir, I have taken a loan against my name on my parental property (my mother is actual owner). My parents are not capable of paying the EMI’s. So, I took the loan in a national bank to construct the house. The building construction is completed and I am paying the EMI regularly. Can I avail tax benefit of the load amount?

  141. Jagannath Chatterjee says:

    Sir
    I have two flats at Ghaziabad (UP) and Kolkata (West Bengal). For the Ghaziabad flat, I had taken a home loan which I pre paid in the year 2015. In 2015 itself I have again taken a home loan for my flat in Kolkata. Can I claim any Income Tax rebate for this home loan. If yes, what is the procedure.
    Regards,

  142. Vilas S. says:

    Sir,

    I have Two flats in One Building, I have taken loan for these flats.One flat rented to my friend. I am taking benefit of Interest on loan .Now I have purchased one more property ( Which is under Construction). Shall i take a benefit of loan interest of the new property.

  143. Vilas S. says:

    Sir,

    I have Two flats in One Building, I have taken loan for these flat.One flat rented to my friend. I am taking benefit of Interest on loan from Income tax ( i.e., 12 C).
    Now I have purchased one more property ( Which is under Construction). Shall i take a benefit of loan interest of the new property.

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