Comments on: FAQ on Housing Loan and Income tax benefit (Things You Must know)

By: manpreet singh

manpreet singh — Sat, 04 Feb 2012 10:04:46 +0000

respected sir,

i have purchased a car on loan from megma financial pvt ltd ( a private finance company) . my loan is for the period of 5 years. my emi is 3425 rs per month. plz sir, tell me can i get rebate on this loan from income tax.. tell me about whole things…

with respect
manpreet singh
9914400388

By: Atul

Atul — Fri, 03 Feb 2012 14:17:14 +0000

Dear Sir,
I want to know that if i m living in rented house and i hv also a own house on which i have taken housing loan. for taken tax benefit of interest & principal component, it is necessary to show rented income from loan property? If yes, then how much will be minimum?

By: Atul

Atul — Fri, 03 Feb 2012 14:15:22 +0000

By: Atul

Atul — Fri, 03 Feb 2012 13:38:03 +0000

Dear Sir,
I m atul, one of my freind(salary person), he took a housing loan and he letout it on rent and he live on rented house. His interest component is rs. 260168/- for the period 01.04.11 to 31.03.12 and he pay rent 30000/- per month and he receive rent Rs.3000/- per month on loan property.
So, plz tell how much amt tax free & how?

By: samuel R

samuel R — Thu, 02 Feb 2012 14:21:50 +0000

My wife working in army she took HBA Loan in 2001 amount Rs 190000 e,so for she did not claim income tax refund for HBA loan , principal amount recovery monthly Rs 2000/ completed , interest recovery is going on,whether can I claim the refund now for these period, Every year IT Returns submitted, but few copies of IT Return filed available to me , kindly reply me

By: john.v.thomas

john.v.thomas — Mon, 30 Jan 2012 18:58:27 +0000

i have take a house maintanace loan taken from a registred co-operative socity .repayment amount havebe tax deduction or not ? PLEASE REPLY SOON…ITS URGENT

By: john.v.thomas

john.v.thomas — Mon, 30 Jan 2012 18:54:30 +0000

i have take a house maintanace loan taken from a registed socity .repayment amount havebe tax deduction or not ? PLEASE REPLY SOON…ITS URGENT

By: Arvind Hatkar

Arvind Hatkar — Sun, 29 Jan 2012 11:33:41 +0000

Dear Sir,
I Arvind Hatkar and my wife Archana Hatkar both are salaried. We have taken home Loan in Aug 2006. Arvind is Main Borrower (Main Applicant) and Archana is Co-borrower (Co-Applicant). From 2006 to 2011 Me Arvind has taken tax benefit (100% of interest component & principle component) of home loan. Now when the principle component is increased beyond 1 Lac, Someone said me that you both (Arvind and Archana) can take 50%-50% advantage of interest component and principle component of my house loan repayment.
On the other side again someone said that since you have taken 100% tax benefit from 2006 to 2011, now you cannot change it.
Sir, I would like to clarify this. Let me know now can we take 50%-50% advantage of interest component and principle component of my house loan repayment.
Please reply me.

By: ravi.k

ravi.k — Wed, 25 Jan 2012 12:00:56 +0000

I have taken loan for repairing my house & my principal Amount is Rs 165021 & Interest is Rs 310520. So how much i can claim for tax benifit ?
Please reply

Thankin advance………..

By: amitava ganguly

amitava ganguly — Mon, 23 Jan 2012 12:19:26 +0000

my hbl with my wife (co owner)who is a house wife.may i take the total rebate from the EMI?

By: s.k.nagar

s.k.nagar — Sat, 21 Jan 2012 13:16:50 +0000

I HAVE TAKEN LOAN OF 2 LAC RUPEES FROM MY FRIEND FOR PURCHASING A HOUSE.WILL THIS AMOUNT BE TAXABLE FOR ME OR NOT?
PLEASE REPLY SOON…ITS URGENT…

By: Sanjeev Dhavan

Sanjeev Dhavan — Thu, 19 Jan 2012 04:48:00 +0000

Dear Sir, My wife and I availed Loan from Bank for housing purpose. My wife is repaying the Loan fully and wants to take benefit of Tax. I am ready to give the declaratin to the same. My wife is serving in RBI. Wife employer demanding a letter from husband employer that husband is not claiming the same. Husbund employer is refusing to give the same.Please guide me regarding legal practice so that I can avail benefit Sanjeev Dhavan

By: leny

leny — Tue, 17 Jan 2012 12:51:42 +0000

Dear Sir,

I have taken home loan for a under construction flat & paying the pre EMI(intrest) + Principal. I am currently living in same flat where my portion is complete & 4th floor & the Penthouse construction is still ongoing. Am I eligible to claim the tax weiver on home loan interest for the same financial year. Pls clarify.

By: mahendra

mahendra — Tue, 17 Jan 2012 03:50:34 +0000

Sir, I have taken a housing loan which is in joint names of mine and my wife. My wife is also a working lady. The house property is also in joint names. The EMI is being paid totally out of wife’s salary account due to operational convenience and household expenses are being met totally out of my account and there is an understanding to this effect between us. Can I claim benefit of tax under Section 24 & 80C for the whole amount of interest & principal. Please clarify

By: Murti

Murti — Sun, 15 Jan 2012 07:10:48 +0000

Hi sir,

I am earning 10L per annum and I am planning to take a House Loan.My question is House loan intrest paid is 150000 and source amount is 100000.so the intreast paid on my House loan will come under which slab like 30%,20% or 10%.
Thanks & Regards,
Murti

By: Satish Devasia

Satish Devasia — Fri, 13 Jan 2012 17:04:51 +0000

I have 2 home loans and the instalment i pay is Rs. 8843 & 4939 respectively, can i get tax benefit under under 80c.

By: vikram singh

vikram singh — Fri, 13 Jan 2012 15:38:49 +0000

sir, a residential plot is allotted to me in aerocity mohali, for which i took homeloan from punjab and sind bank in may 2011, but the possession of plot is not given till date, it may be given in next 2 or 3 years, my query is can i avail the tax benefit on interest and principal paid to bank under home loan from this financial year.

By: vikram singh

vikram singh — Fri, 13 Jan 2012 15:38:22 +0000

By: Simit Mehta

Simit Mehta — Wed, 11 Jan 2012 08:41:22 +0000

Sir,

I have purchased a flat. Where i have made cheque payment of Rs. 4 lacs and for rest of payments- I am taking home loan. I am planning to make sale deed & loan procedure in beginning of next financial year (2012-13).

Can I take tax benifit on initial cheque payment to builder (4 lacs) as investment under 80C, or any other section..

By: jitendra

jitendra — Mon, 09 Jan 2012 09:31:44 +0000

I have taken home loan but my income was low so bank add my brother as coborrower, All the EMI is paid by my account and I want to avail 100% tax benefit and my brother does not take any tax benefit from this loan. how can I take 100% benefit from this loan? what should I do?

By: admin

admin — Thu, 05 Jan 2012 13:31:50 +0000

Deduction of Housing loan Interest is not per House, its per Assessee.

By: Nathan

Nathan — Thu, 05 Jan 2012 13:08:46 +0000

The details mentioned in Q2 above regarding joined loan is wrong. Please refer to the following link from incometax dept site FAQ
incometaxindia.gov.in/questionbank.htm#G94

By: Sudhir

Sudhir — Wed, 04 Jan 2012 07:18:45 +0000

I have taken composite loan & the bank has disbursed 50% of the loan towards site purchase.
Now there is a limitation on my side to start construction & hence i may not be in a position to lay foundation within 9 months. I would like to understand what action will be taken by the bank?
Does it get convereted to site loan with addtional rate of interest? Please clarify.

By: paramjeet

paramjeet — Wed, 04 Jan 2012 05:57:45 +0000

If i buy a property on loan and rent it to my parents and I stay in another house owned by my parents and pay rent to them, am I eligible for tax exemption on loan(principle+ full Interest amount) and HRA tax benefits also.

By: Gaurav

Gaurav — Mon, 02 Jan 2012 20:17:42 +0000

I bought a house in Mar 2007 at 14.5 Lacks and Took a Renovation loan of 3.5 Lacks in Mar 2009 and Finally Sold it in July 2011 at 21.5 Lacks. Now I have few Queries: a) Can I claim the principle and interest for 4 months period of Apr 11-Jul 11 ? As I paid 75K as Interest and 17 Lacks as principle but I do not hve possesion till Mar-12 Finanacial Year end. b) Do I have to return the benifits under section 24 taken in last 4 years having made Long Term Capital Loss on the peoperty ? Thanks in Advance !! -Gaurav

By: Ajay Kumar

Ajay Kumar — Thu, 29 Dec 2011 11:50:28 +0000

Sir, I have purchased a house in Delhi jointly with my wife. Both of us are Govt. servants. We have taken a joint loan from HDFC of Rs.24 lakh. The house at present has been let out on rent and the annual rent received is Rs.1,20,000/-. On this loan, the interest component being paid by us during this year is Rs. 2.93 lakh. Can we both claim tax benefit on interest. Can we claim rebate of Rs.1.5 lakh each or shall we claim Rs.1,46,500/- (half of Rs.2.93 lakh) each. How will we show the rent received. Shall we both show Rs.1,20,000/- as rent received (income from house property) in our return or shall we show Rs.60,000/- (half of Rs.1,20,000/-) as rent received in each case. Kindly also inform what are the sections under which we can claim these benefits and what are the evenidence s( copies of IT Act) which can be furnished in office for claiming this benefit.

By: Krishna

Krishna — Wed, 28 Dec 2011 17:23:11 +0000

Sir,

I have puchased a plot for house construction, proposed to construct in next year ie during Feb 2013 and i have paid interest around Rs.95,000 & Princ – Rs.18,000 can i avail tax rebate for this financial year 2011-12. I have got composite loan sanctioned for Rs.25,00,000, at present i have availed 12,00,000 and planned to avail the remaining during the construction time. Please advice me how can i avail tax benefit.

By: Hardik Joshi

Hardik Joshi — Tue, 27 Dec 2011 11:17:20 +0000

Sir,

I have purchased a flat. Where i have made cheque payment of Rs. 2.5 lacs and for rest of payments- taken home loan. Since i do not have possesion of the flat, bank is charging only interest component of home loan as EMI.

I under stand that on Interest component i can take tax banifit. But can i take tax banifit on initial cheque payment to builder (2.5 lacs) as investment under 80C, or any other section..

By: sameer kumar

sameer kumar — Tue, 27 Dec 2011 05:44:07 +0000

i have taken home loan this year in july and going take possession in february. what about HRA exemption and hoam loan interest benefit, i will take both or only home loan benefit because that will end of financial year i was in rented house whole year, please h

By: RAMAN SHARMA

RAMAN SHARMA — Sun, 25 Dec 2011 08:55:52 +0000

I have purchased a Plot, with the help of loan form SBI. can be get home loan tax advantage during the FY.
currently the said plot is land only, still construction not started.

Regards
Raman Sharma

By: VIJAY

VIJAY — Fri, 23 Dec 2011 11:02:59 +0000

I have taken two home loans & both are let out currently and i am staying in an rented property (40kms away from the owned property). In this case will i be eligible for deducting Prinicpal, interest (for both home loans) & HRA benefits? I am receiving rent from both the properties. Pls advise.

By: vijay

vijay — Thu, 22 Dec 2011 14:24:24 +0000

my brother and his wife has taken HL jointly. Bt the property is in the name of his wife. bt whole EMI is being paid from the account of my brother. his wife is also employed and wnts tax relief. whethr his wife being a co-borrower and fullowner of the property bt nt paying EMI can claim tax relief. if so please let me knw the tax rule reference.

By: venkat

venkat — Wed, 21 Dec 2011 16:09:26 +0000

sir, i have taken home loan jointly with my wife. she is a house wife and not earning any money. loan is deducting from my salaried saving bank account. when i am claiming tax benefits from home loan, my finance department people giving only 50% benefit saying home loan is jointly with ur wife. i am arguing with them as my wife not claiming any loan interest or not have any PAN card.
could u clarify my doubt and is there proof to get total home loan tax benifits
pls call me on 9502365656, it will be very kind of urself

By: Jeewan Singh

Jeewan Singh — Mon, 19 Dec 2011 15:52:29 +0000

Hi Sir,

Can you please let me know that if i can avail the tax benefit if EMI is still not got fixed for the home loan which bank approved for the home i have taken . Mine is CLIP ( Construction Linked Plan ) where bank is paying us loan amount as and when builder demand the same.

Now i have made the repayment of the principal amount as well as the interest amount which comes as we are taking amount from bank .

please let me know the same and also let me know that if i have another investment like LIC then can i avail the tax benefit from the principal/interest payment.

Regards,
Jeewan Singh

By: s.varalakshmi

s.varalakshmi — Fri, 16 Dec 2011 11:22:10 +0000

I am staying in my father in law house [rental house joint family] now i am purchased new flat and rent received rs.180000/- i have to pay house loan interest rs.285000 how much maximum interest allowed only for salary income and house rent income

By: Jayanta samanta

Jayanta samanta — Fri, 16 Dec 2011 08:00:25 +0000

Sir, If the following points are clarified, I will be most obliged. I have paying EMI for one house building loan taken for construction of self occupied residential building. For the same I am availing deduction under sec – 24(b). If I take another loan for the purpose of repairing of the same building now, wheather I shall be elibgible for the deduction of the interest part of the new loan for repairing of the building under any section of income tax. Please clarify. Regards

By: Prashant

Prashant — Fri, 16 Dec 2011 03:39:43 +0000

Dear Sir,
I have taken home loan for a under construction flat & paying the pre EMI(intrest). Also I am currently living in a rented house. Am I eligible to get the tax weiver on both HRA & home loan interest for the same financial year. Also please not e that my new flat is in other city / District & I stay in some other city & possession of new flat is in Mar – Apr 2012 as per builder.
Please let me know your inputs.

By: Ramesh

Ramesh — Wed, 14 Dec 2011 12:49:50 +0000

Sir,
I have taken a property on my wifes name only. And we have taken the house loan jointly. Can both of get the benefits? If yes please give me the solution?

Thanks!!! Ramesh

By: Nisha

Nisha — Wed, 14 Dec 2011 08:04:07 +0000

Sir pls give me a rply as soon as possible…..

By: Nisha

Nisha — Tue, 13 Dec 2011 08:07:30 +0000

Sir,
my client purchased a flat of Rs.515000 as per deed and want to sale old flat . he taken loan for new house Rs.435000 and Rs.80000 is from his capital. The Capital Gain is around Rs. 3-4 lacs.
Now my problem is that can my client get exempt the capital gain by sold old flat against loan that he taken if he not repaid it in this year?
How much can he made a deed of old house to sale that he can get whole capital gain exempt?
Is there any dispute if old house which is small has a more deed value that of new house purchased by him?

By: Rajeev

Rajeev — Mon, 12 Dec 2011 08:13:28 +0000

Hi, I took a housing loan for which i am currently claiming tax benifits for both deduction towards principal amount and intrest. I am also residing in the same property. What tax benifits cam I claim after repaying all the loan

By: Rajeev

Rajeev — Mon, 12 Dec 2011 06:55:53 +0000

By: Narendra Singh

Narendra Singh — Mon, 12 Dec 2011 05:21:47 +0000

I purchased a home through SBI Home Loan
I am paying my installment regularly which statement produced to employer for the tax deduction and adjustment of interest but my employer denied for the deduction of interest as well as 80C because of I have taken loan from outside while I have given all the information to the employer for the same.
Due to this my Rs 20,000 approx. will go with Income Tax department and it will be return after filling the Income Tax Return and finally will be return after july2012, while my last years return yet not received.

I want to know does my employer not doing injustice with me and other like me people.
Pls suggest to overcome this issue.

By: Madhuri

Madhuri — Mon, 12 Dec 2011 04:16:37 +0000

Hi, Me and my husband having a joint housing loan, for income tax benefit both of us can avail income tax exemption for interest of Rs.150000 individually, or the exemption will be only Rs.150000 and both of us have to share it? Please provide proper evidence from The Income Tax Act, as our HR is not convinced.

By: Ankur

Ankur — Sat, 10 Dec 2011 08:13:21 +0000

hi – Can i claim any deduction during the period of my EMI payments but possession of property is still not in my hands

By: Jai

Jai — Fri, 09 Dec 2011 14:23:57 +0000

Hi
I have just signed up a housing loan in Nov-11 and the EMI will start from Dec-11. And this property is under construction and will be completed only by Apr-12.
In this scenario, can I claim IT benefits for the interest and Principal portion which I will be paying upto Mar-12. If yes do i need to show them differently when I file my returns, since I also claim HRA from my employer currently.
Can u pls Advice.

By: Dikshit

Dikshit — Fri, 09 Dec 2011 05:05:23 +0000

Hi,

My husband took a house and I was the coborrower(surity). Now we got divorced legally and I am not asking any share in house. Since my name is present in loan as Co-borrower, what is the procedure to get it released?

Rgds,
Dikshit

By: nupur

nupur — Thu, 08 Dec 2011 08:56:20 +0000

i think deduction under section 80c and allowability of interset will be available to the person who pays the money.

By: Sanju Kanery

Sanju Kanery — Sun, 04 Dec 2011 18:07:23 +0000

Hi,

I am based out of Mumbai and I have a running loan for my first property in Hyderabad which my parents are presently staying. I am planning to buy a new property in Mumbai for self occupancy. tell me the tax treatment of the same with respect to tax deductability and HRA rebate. Given I am a salaried employee.