I booked a flat in 2011 and the possession is in 2018 (construction took more than 5 years) and I started paying EMI on home loan from 2011 itself. According to Sec 24, I can claim tax rebate on pre-construction interest, as a deduction in five equal installments starting from the year in which the property is acquired or construction is completed. There is another aspect in Sec 24 which says that if the construction of the property is not completed within 5 years, the deduction on home loan interest shall be limited to Rs. 30,000. Could you please help me understand whether I can claim the entire interest I paid during construction period or is my rebate limited to 30000 only (including pre and post construction interest). Also is 30000 deducted from the tax outgo or from the taxable income?
I have taken a joint home loan with my mother. Her name is present in the property documents (Co-owner) and the Home loan documents as a co applicant (Co-borrower). She is a non earning member and the entire home loan (all EMI) will be repayed by me. I came to know that as per income tax rule, in a joint home loan each person can claim tax benefit based on the ratio of their ownership (in this case 50:50 ratio). Does that mean that i cannot claim 100% of the tax benefit? Since my mother is neither paying anything for the loan and neither claiming any tax benefit.
I have taken a loan for construction from SBI for own staying purpose. During, 2016-17(FA), I have paid Rs.90,232/- as interest for the said year. Now, my question is whether I can claim the above entire interest amount as deduction from my gross salary under section 24(1) of income tax for 2017-18(AY)
My father is planning to buy a flat in jharkhand which is under construction currently and will be handed over in next year march. Now the jharkhand govt has announced that the if the house is in the name of a female member then the registration cost will be Rs 1. So we want to buy the flat in the name of my mother and at the same time take a home loan jointly by my father and myself(Son). I will be paying the home loan emi. So kindly guide me how to make the contract paper of the house and take home loan so that i even take the benefit of Rs 1 registration cost by making the contract in the name of my mother and also take the benefit of tax saving through home loan repayment.
A pensioner has jointly bought a house and is a co-borrower for home loan with his son. The loan is repaid through a joint account. Can he also claim tax exemption on Principal repaid and interest paid on home loan
Is execution of sale deed/registration with revenue sub registrar of a newly purchased house mandatory to be eligible to claim deduction on interest paid on home loan under section 24(2) of IT Act 1961 or taking possession of the house is enough?
I have purchase two 1 BHk flat and combined them into single flat with 3 room, hall and 1 kitchen. Two sale deed and two registration are there for flat. I have single home loan for both the flat.Can it be considered as my first home for income tax benefit? I am using the flat for my residential purpose. How to claim income tax benefit for home loan?
I have taken a loan from govt. bank for purchase of a residential flat where my spouse is co applicant/co borrower, who is not salaried person having no income and flat is registered in her name only but the whole amount of EMI or towards repayment is being paid monthly by me only out of my salary through my salary account. Here my spouse is Co-borrower only. Can I claim whole amount towards repayment of loan u/s 24 & 80C alone ? The ownership in property documents is that of my wife. Please clarify tax rebate for FY 2017-18 in this case.
i have a share in joint property owned by father in law , brother in law and myself, all loans paid and we stay in joint family, now that i have purchased another house property again with my another brother in law, can i claim housing loan interest benefeits in income tax filling
I want to know all about income tax return,i don’t know how to process and where..My home loan is running and the bank provided me tax certificate so please send me all the details from basic points bcoz i have no any idea about this. Regards,Amol pawar.
I have taken a loan from govt. bank for purchase of a residential flat in joint name with my spouse, who is not salaried person having no income and the whole amount of EMI or towards repayment is being paid monthly by me only out of my salary thorough my salary account. Here my spouse is Co-borrower only. Can I claim whole amount towards repayment of loan u/s 24 & 80C alone ? Also the ownership in property documents shows joint name of both the spouse. Please clarify tax rebate for FY 2017-18 in this case.
I had taken house loan in 2006 again i have taken house loan for repairs in 2015 and recently in 2017 i had taken a house loan for the extension 1st floor i have 3 seperate house loans how can i claim intrest for the home loans for the same property
I have recently bought a already constructed house and is registerred under my wife’s name and only I’m paying the loan emi. Hence Can I claim tax benefit? If yes what are documents and procedure needs to be attached.
My daughter and son-in-law wants to purchase flat by taking home loan jointly from bank for saving income tax as both are working. I got retired from government service in November 2017 and received retirement benefits. I want to give gift to my daughter for purchasing flat with partial amount (say Rs 20 lakhs) through cheque in her name. Any income tax implication to Father and daughter?
I am having two home loans, 1st one my parents are staying in Pune(Interest-1,60000) and in 2nd one I am staying in Bangalore(Interest-1,90000) so can I claim interest of both houses under different category?
Flat jointly purchased by me and my wife sbi sanctioned in the first name of my wife and second is me. I m repaying the loan from my income tax deduction will be for me or my wife. My wife has no regular income.
I constructed new house by 2015. and i want to claim the interest through section 24. in https://www.incometaxindiaefiling.gov.in government website i could not find section 24 to enter the interest value. instead of that. i found only 80C and 80 related sections. i am little new to income tax. can someone help me to find section 24 in government eFiling website unsder ITR-1. also i could not fild this section through my company portal.
Hi Team I forgot to submit the documents for housing loan interest. So full tax deducted from my last two months salary for not submitting Housing loan interest documents. So now I need to reimbursement from IT. Please let me know how much you charge for the same.
Hi, I have a house for which I am paying rs4lakh as interest. This is a let out property, rent of RS 5k for month. As per the old home loan rule, I was able to get tax deduction on the entire loan interest. Now the rule how it will affect me.