The Land on which i am constructing this house is registered on my mother,s name . You can also claim interest on housing loan paid before completion of construction of the property. from the A.Y. The electricity bill and water bill is still under the previous owners name, but we are living in it. I am paying 2,27,000 interest for my home loan. The above said flat is under construction. Sir, interest paid on more than one housing loan is allowable as the deduction under income tax of an individual. 1) The loan taken between 01/04/2016 to 31/03/2017 are only eligible for 80EE. It is my first home, so can I claim 50000 under 80EE as other exemption I am not able to claim till possession? I am about to get the possession of my second house before 31st March 2019. Repayment of the principal amount is to be claimed as the deduction under section 80C. The below criteria has to be met for claiming tax deduction under section 80EE. Last year I claimed in 80EE. As you have purchased a new house property within 1 year, so you can claim exemption from LTCG arose on a sale of the old property. As said earlier, l will get possession of this property by June’18 only. We (self and spouse) sold off our joint property for Rs 29 lacs in Sep 2017. Pre-emi interest come under which sec(before completion). But, I have started paying EMI from jul17 onwards, which works out to Rs.1,82,975/-. Section 24 deductions are capped at 2,00,000. How can he given principal- wise and interest-wise deductions for the three loans? Can you please provide me any reference of this rule/act/section from the government/Income Tax website. She has registered with Income Tax department this year and will be filing the return. You can pay Rs 25,000 premium for medical insurance policy(ies) for yourself and family and claim a deduction of Rs 50000 from gross total income under section 80D. This questionnaire will help us as we work together to find the best options for you. Sir, thanks for the reply. 2 lac this year 2017-18. You can only claim deduction of interest and principal from construction completion year onwards u/s 24B, 80C and 80EE, I purchased a 2BHK flat in July 2015 and took 27 lakhs loan in July 2015. Deduction u/s 80EE is only allowed to those assessees, to whom a loan has been sanctioned on or before 31/03/2017. FY 2017-18 – 161936 As of now, I have not taken any tax benefit so far. What was the deduction should I get under each section ? Sir, We work to make the admissions process simple and less stressful for you so that you can confidently start on your path to a better future. I have taken my first house/home loan of 32,60,000 in June-2016 and the total value of the house is 41,00,000. As well as please tell me which interest amount can i claim and where i think interest amount will reflect twice one under income from house property and second amount for claiming and will the interest amount under both section will be same or different and should the interest amount under both the section should be negative or only i have to show negative under income from house property and positive for claiming under section? Furthermore, when I got into my university, I have been shown absolutely no support from our English department. The request comes as these institutions claim enrolment losses due to the pandemic. only interest amount paid on housing loan is allowed as deduction u/s 80EE. I just purchased the flat amount of Rs 38,00,000/- Independence University requires each student to agree to a pre-dispute arbitration agreement and a class action waiver as a condition of enrollment (“Arbitration Agreement”). Actually, I am first time declaring my investment proofs in my Office portal to avoid TDS Deduction. He completed his B.Com from University-Commerce College. Yes, you can claim a deduction for payment of interest on house loan is taken in 2016-17. My loan sanction date is 01-01-2019 and my property value is less than 45 Lacs. I took housing loan in January 2013 (FY 2012-13) to buy a flat, the possession of which is due in December 2017 (FY 2017-18). Section 80ee is applicable for home value up to 50L. Deduction of interest and principal is allowed on ownership basis, so as you have a registry in your name completed, you can claim such deduction. Sir, will you please tell me the notification no. Yes you can claim additional deduction under 80 EE. Your admissions consultant will review your career assessment and ask you questions to help you choose the right program. Your loan amount should be less than or equal to 35 Lakh only then you are eligible. May I get any tax deduction or benefit from 80EE and Sec-24? In your case, i suggest that you should revise the terms of sale deed and become co-owner to the property. ITR-2 will be filed if you do not have any business income. I have taken a personal loan and construct my home can I still claim the deduction as the loan was not house loan because I cant get it because of locality problem. They all must be co-owners of the property and further it helps in the larger tax claim benefits if in the family itself. No Sec 80EE is not applicable in the F.Y. I have an independent house in Lucknow where my parents reside. No. Can I take tax rebate on Principle (80C) as well as Interest (24B) in this financial year? I too had the same understanding but the payroll processor of my company has considered on the 1/5th amount for tax exemption. In this case this house will be my first house but this home loan will be my second home loan. The construction is complete but i have not taken the possession. Please help. sir i have to pay interest on home loan during F.Y.2016-17 Rs.185000/- & portion of Pre EMI Interest is Rs.17000/- can i get rebate of interest on home loan beyond Rs.2Lakh (i.e.185000+17000=202000). 150000/- benefit and via sec 80EE additional Rs.200000/- benefit. 3. Thanks! Can I avail the deductions? Home Loan Principal Part of 1,50,000 to be claimed under 80C – Under which heading does this needs to be claimed? both loans are below 50 lacs. The possession certificate was received on 20 Mar 2018. Deduction under section 80C also includes investments done in the PPF Account, Equity Oriented Mutual funds, Tax Saving Fixed Deposits, National Savings Certificate, etc. No deduction u/s 80EE can be claimed. No, since housing loan is not in your name. HI, I have purchased a home recently in the month of Feb (2018). Questions:- 20,00,000.00 from OBC. Call (800) 917-6391 for answers to all your questions about starting college online and how your degree can improve your future or click here for more information. I bought a plot in Hyderabad, HMDA Approved and I was given HOUSING LOAN from INDIA BULLS for Rs 8,19,060/-, Tax certificate issued by them says I can avail tax benefit u/s 24(b) & 80c(2)(xviii). (This flat is rented out in April 2018). Deduction of actual home loan interest paid (subject to a maximum of Rs. I am paying H/Loan Interest of 350000/annum and have paid TDS amount of Rs 62000/- in this Fy. Your email address will not be published. Please help me if something can be done. It is the interest debited in the account that can be claimed. Under what sections I have to file the Interest? I paid only interest of this amount up to December 2014. The Loan Amount is 46 lakh and we equally give the EMI to bank. kinldy guide me that how and where in the e-filing form, I can show this deduction. Please guide. Stamp duty and registration charges paid on purchase of house property can be claim as deduction under section 80C . But your response to Mr. Arpit Tiwari is different however both the cases are same. We support and encourage our employee's success by offering a diverse environment and engaging experiences working with students, faculty and staff. gav = step 1 : municipal rent and fair rent wichever is higher is selected Since this is me and my wife’s first property, so can we avail House Loan Interest Deduction U/S 80EE? I have a loan on it for Rs 23 Lakh since 2015. [Question : Does section 80EE applies to under construction property too ? I have paid Rs/-1,63,000 as interest on home loan during AY 2016-17. 131000/- FROM DEC16-MARCH17 AND INTEREST AMT.14000/-FROM DEC16 TO MARCH17. In this case, how much tax rebate will I get? set off of losses is allowed up to Rs. You may still enroll without providing this consent. Any arbitration, required by the Arbitration Agreement, tolls (pauses) the limitations period for filing a borrower defense to repayment application pursuant to 34 C.F.R. To claim this deduction, they should also be co-owners of the property taken on loan. Now The house is deemed let out. At the time of the loan, my wife was not employed so I took the loan in my name and EMI is also deducting from my salary account. To claim pre interest for under construction property before registry, Which section shall be used for claim and How? (iv) the assessee does not own any residential house property on the date of sanction of loan. Principal – 4,18,000 Amount paid under Pradhan Mantri Jeeevan Bima Yojna can be claim as deduction under section 80C. What should I do now, while filling tax return? it will be allowed in 5 equal instalments beginning from the year in which construction is completed or possession is taken. Hence my questions are – Sir, we provide solutions to queries that are related to our blog. Mentioned under the newly inserted section 80EEA of Income Tax Act, the government has extended the limit of deduction up to Rs. Can I claim income tax rebate on the full amount paid against charges in the financial year 2017-18? But in section 80 EE, it has been stated that this benefit is only applicable to Loan sanctioned between 01.04.2016 to 31.03.2017. 7,500. pl guide to me for filing itr 1 for home loan interest in which section belongs to .this FY 2015-16 section 80ee is not showing in itr 1, ONE PERSON TAKEN HOME LOAN FROM A BANK AND HE CAN GET THE BENEFIT OF 80C BY PAYING PRINCIPAL AMOUNT DURING THE CONSTRUCTION PERIOD, Sir, since your loan has been sanctioned before 01.04.2016, therefore, you cannot claim deduction under section 80EE for the A.Y. 1. You have already claimed the deduction for the purchase of a house. What should I do now??? If the loan is taken jointly, then each of the loan holders can claim a deduction for home loan interest u/s 24 and principal repayment u/s 80C. Losses related to previous years are required to be shown in schedule BFLA & CFL. Yes, you can claim the deduction of Rs. The pre-acquisition interest can be claimed in 5 equal instalments in 5 years beginning from the year in which the property was acquired. Is it Rs. CAN I SHOW IT AT INTEREST PAYABLE ON BORROWED CAPITAL? step 2 : compare the rent so selected with standard rent ( as per rent control act ) andselectthe lower of two 13,020.00 and INTEREST COMPONENT Rs. As tax paid by you on purchasing of flat will not be available as ITC to you, so that also has to be part of your cost, so 80EE will not be taxable. Sir Sec 80EE exemption is available in F.Y. 1) If I am eligible to apply for additional tax deductions under 80EE from the Financial year the property is handed over Does section 80EE applies to under construction property too? The deduction can be claimed u/s 24 up to Rs. Yes, the 200000/- set off limit is for losses under “income from house property” head which covers losses of all the house properties. I m salaried employee. I have rented out the property also. I have two questions as follow. Am I avail HBL interest benefit for Income tax Exemption for the second home. 8,00,000/- So you are not eligible for this deduction. Hence you cannot claim deduction under section 80EE in AY 2017-18. Since I can only claim 2 lacs ceiling on interest, is there any provision for claiming the additional 2 lacs loss? 1) can i get the first time exemption under sect-80 EE ? What should be the Principle amount that I show on Housing Loan? Please note that if the home loan interest is for self-occupied property, then only Rs. Received its possession on 21st November 2017. Expenses incurred before availing the home loan in 2017: Paid charges to MCD for approval of construction and floor plan: 1,00,000 (INR) in the year 2017 (Loan was taken from relatives for this amount. 2. Interest on housing loan for construction will be allowed in five installment from the date of completion of construction. I purchased a house availing Home Loan which is fully adjusted. If more than one house property then, any one can be claim as self-occupied and other one as deemed let out property under the head Income from House Property. In current FY 2016-17, can I get exemption u/s 80EE, if so, how much and under which section I have to claim and what are those necessary documents are required to be submitted, please confirm if possible. b). 1. Tax certificate issued by them says “This Certificate is issued in order to enable you to claim the deduction from Taxable Income under SECTION 24(b) of the INCOME-TAX ACT, 1961.” The break-up of the amount into Principal and Interest is PRINCIPAL COMPONENT Rs. The entire loan will be paid within 20 yrs. An 80-C deduction can be claimed on principal repaid for purchase or construction of residential property. Please read section 80EEA of the income tax act 1961, I too have the same question, my loan sanctioned date is 27th March 2019, am I eligible for 80EEA, where it says 1st April 2019 Only 4 days gap, Sir, You can invest Rs 50,000 under section 80CCD (1B) in the National Pension Scheme. Sir if you take deduction of interest and principal amount than in the eye of law you are treated yourself as a owner of the house property in this case if you purchase another house with your name it ll be treated as let out property. But my employer saying that these remaining two installments of pre-construction interest amount is not eligible for the rebate, as I have closed(fully paid) my Loan account in FY 18 -19 (last FY). Q2 Whether I can get the tax benefit from both the loan or not? For AY 20-21, the claim amount u/s 24 is 1.2 Lacs. thankyou, Please refer section 24(b), 80EE and 80EEA oF Income Tax Act 1961. my home loan was sanctioned on Feb 2019 but the actual amount was disbursed in April 2019 and sale deed was done on the same month April 2019. 22,50 lakhs and house loan took 15 lakhs my and my wife are doing professional business. Yes, you can claim an interest deduction for fy 18-19 if possession is taken in March. Can I claim interest of 1.5 LAC under section 80EEA for both FY 2018-19 and 2109-20? should I enter the field “B2 (v) Interest payable on borrowed capital” in the ITR2 Form as half of 3,50,000 = 1.75L or This is my second home as I stay in the other one. I’ve taken ready to move property in Feb’17 amounting 69,20,00 (gross) and my loan was approved in Aug’17 of INR 46,00,000. I HAVE REPAID THE PRINCIPAL AMT. 30,000. Can i claim tax benefit under section 80EE of income tax for interest paid for home loan of an under construction property if I am otherwise eligible. or 4K tax exemption. we both govt employees have joint house loan account but deduction from on account.total interest is around 2.6 lakhs. 200000 and for the let out property actual interest paid can be claimed as the deduction. An employee has taken 3 housing loans for the same residence, one for construction,one for extension and other for repair/renovation. If I keep a tenant in my flat, how will that affect my tax declaration sheet? Tax Act. The balance LTCG (after adjusting it with slab amount) will be taxed at 20%. Interest prior to the possession of house property has to be claimed in five equal instalments beginning from the F.Y. 1. I want to know if the loan type is of mortgage Loan against the property of Rs 15 lakh. 528, Principal Loan (Housing Loan) Repayment sir if i pay my first home loan in 1 or 2 year by selling my old property ( Land) or through EPF and then i take a second home loan then will i be able to take all tax exemption on second home loan? Can I claim tax benefit on that amount while filing ITR?? And deduction can be taken for AY 2017-18 if the house is registered with your name in FY 2016-17 as there is no restriction regarding handover of property. Ex: I own (100%) a building with 12 flats. The paid interest of Rs-70000/- for the year 2016-17 and interest of Rs-3,90,000/- for the year 2017-18. Please check department’s utility for ITR-1. You can show any one of the property as self-occupied and treat the interest component accordingly. I have taken another loan Rs 6 lakh from the same company, which was sanctioned on August 2017. it will only be allowed from the year in which construction is completed. 1,87,009. If yes, can I claim for the previous years also? And this is my 1st property. The interest of current FY 2019-20 will be approximately 273640. how to calculate the amount for Section 24(B) for interest paid as interest for current FY is exceeding 2lacs? I have taken the loan for one house before 11 years. I had taken Rs. Date of Loan sanction is 26/04/18 and flat was occupied on 1/09/2018. So I am not able to claim tax benefits for Principal Rs 1.5 lac and Rs. For self-occupied, you can claim the deduction of Rs. I am using the 80C section for Repayment of Housing Loan and using it upto 1.5 lakhs. PLEASE GUIDE. 58167/- as interest on the Home loan. 10,26,577.00. You can show amount for full 12 months in ITR. I don’t own any flat in present day (staying at a rented huse), in this scenario, do I have eligibility to get exemption of Rs. 2 lakh if it takes the completion within 5 years from the end of the Financial Year, otherwise the maximum limit is Rs. 2017-18, so deduction u/s 24b will only be eligible from F.Y. So next year will be same issue for me. However, I have a carry forward loss from the previous year of ~80,000. and you not have taken any loan on such property, you not need to disclose the same in return for F.Y. So what would be the claim amount for both of them..? I bought flat in year 2015-16 on home loan of 25L in Sep-2015, I taken loan from HDFC Ltd and then transferred loan to SBI in year 2016-2017 in Oct-2016. For AY 2016-17, if the house is self occupied, then deduction of interest under section 24(b) is allowed upto Rs.2 Lakhs provided construction is completed within 3 years otherwise upto Rs.30000 is allowed and if House is given on Rent, then deduction of interest under section 24(b) is wholly allowed. How much Extra deduction for interest paid in last 5 years can be claimed by me in my ITR-1. 2019-20. Everywhere I and my wife signed together. It is allowed in 5 equal installments beginning from the financial year in which the construction is completed. But in my case, both loans are not in between. Please see the below paragraph, ============================================= We're excited to talk to you and help you start down the path towards a better life. My home possession: June 2016. Sir, Currently, he is working with SAG Infotech Pvt. Can I get the benefit of income tax for home loan interest & principal on behalf of the registry? 2. So, need your expert advise on the point , We don’t provide any consultancy. yes we get the deduction of municipal tax paid on cash basis (not accrual) , i.e., amount you paid in this year as property tax , you will be eligible to claim a deduction of that amount . Or is it only for the period (Dec 2017 – Mar 2018) after receiving possession. For claiming deduction u/s 80EE, the loan should be sanctioned between 01/04/2016 to 31/03/2017. benefit of deduction is extended till the repayment of loan continues". Have Let out property for rent with income of of 72K. loan approved on may 2017 You have to mention only under section 80C for deduction. I borrowed home loan Rs 25,00,000 from SBI for the construction submitting an estimate of construction cost Rs 30,70,500 from an engineer. Hi, I am buying a fully constructed flat in delhi. During the upgrade, the bank has opened a new home loan account in 2016 and transferred the balance of 24k from old loan account to new. Bank paid the amount to the builder as per demand by the builder in installments as per construction. We assign every student a knowledgeable and dedicated team that will get you enrolled, figure out what financial aid you might be eligible for, and get you ready for class. I have been filing ITR-1 till last year. You can claim deduction u/s 80EE up to Rs 50000 if the loan has been sanctioned between 01.04.2016 to 31.03.2017. In your case you are taking loan from your father although you are paying interest to your father. 3. In ITR-1 utility, there is a single common row to enter 80C deductions. 2. Can I claim HRA, the principle under 80C and interest under 24b all at once? Do I have option to refile IT returns for previous FY years? If I let out this property, can the full interest component be claimed? I would like to clarify the “Section 80EE Income Tax Benefit” which is updated in this article. it can be claimed as a self-occupied house. Can I claim the pre-construction interest benefit knowing that those interest bear to old account no? I purchased a home in 2014-15 and taken a home loan of 1300000 for that.So I m paying an EMI of rupees 12650 per month.Please explain me how much tax redemption I can avail? How I can reduce my tax? Thanks in advance. In case of loan taken for purchase or construction of a house property, you can claim a deduction on pre-construction interest. However, if it is a self-occupied property, maximum of 2 lacs can be claimed in a particular FY. I have purchased a new house and had a house loan of amount Rs 26 lakh (LIC-HFL), which was sanctioned on 26 March 2016. If the period of which interest is paid in April, falls under FY 2017-18 then you need to show under 2017-18. both brother claim half half interest in itr 1 under section 80c. I am claiming it in FY16-17 years, Taken home loan of 30 lacs for property of 47.90 lacs in November 2016. confused to see that deductions under 80EE of Rs 50000 are allowed for loan sanctioned between April 2016 to March 2017 and that of Rs. ITR-1/4 will be applicable if there is income from only one house property. 1. 2 lakh) is available if house construction completed within 5 years from the end of the financial year in which loan is taken.
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