how can i claim the homeloan and HRA?

Forums Home Loan Taxation how can i claim the homeloan and HRA?

how can i claim the homeloan and HRA?

Hello Good Evening!

I am living in another city and bought a flat near to my home town,which is in under construction,not yet handover-ed to me by the builder , My Total EMI is around 32000rs,but BANK has given option to pay only homeloan interest than total EMI, until the flat handover and as per the new income tax rules,if the homelaod,which is first time and less than 25lacs,will i get extra tax exception for this financial year?.

So Can i claim the homeloan and HRA in this financial year?

Best Regards,
Gopikrishna
09620735544

Profile photo of gopi Asked By: gopi 2 replies 2 helpful answers Last Updated: 6 months, 2 weeks ago
  • Profile photo of gopigopi
    Participant

    Hello Good Evening!

    I am living in another city and bought a flat near to my home town,which is in under construction,not yet handover-ed to me by the builder , My Total EMI is around 32000rs,but BANK has given option to pay only homeloan interest than total EMI, until the flat handover and as per the new income tax rules,if the homelaod,which is first time and less than 25lacs,will i get extra tax exception for this financial year?.

    So Can i claim the homeloan and HRA in this financial year?

    Best Regards,
    Gopikrishna
    09620735544

  • Profile photo of Neha JoshiNeha Joshi
    Moderator

    An additional tax benefit of Rs 50,000 has been sanctioned to first time home buyers in the last budget. However there are certain conditions
    1. Loan amount cannot exceed Rs 35 lakhs
    2. Loan needs to be sanctioned between 1.04.2016 to 31.03.2017
    3. Value of property cannot exceed Rs 50 lakhs
    If you have satisfied all these conditions then you can claim an additional Rs 50000 as deduction over and above the 2 lakhs deduction for interest payment on home loan.

  • Profile photo of Neha JoshiNeha Joshi
    Moderator

    Your flat is currently under construction hence you cannot claim any benefit for this year. You can claim tax deductions from the year you get the possession of your flat.
    Moreover you can claim HRA and home loan repayment tax deduction even when you have your own house and live elsewhere due to genuine reasons of job.

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