Comments on: FAQ on Housing Loan & Income tax benefit

By: Arvid Prabhu

Arvid Prabhu — Sat, 26 May 2012 11:17:31 +0000

If I buy a house jointly with my wife and take a joint home loan, Can we both claim income tax deduction? How much Interest Deduction can each of us can claim in our individual returns. Whether Rs.150000/- each ( As our Interest portion in Repayment is around 3.4 lacs ) Kindly Advice.

By: Retash

Retash — Thu, 24 May 2012 10:54:59 +0000

My father is an co-applicant along with me for an house which we have bought & are staying. i have been paying the entire EMI with a tax benefit shared along with my father. this is done for last 8 years. Now can i have the entire tax benefit on my account alone. Please adivse.

By: Arvind

Arvind — Wed, 23 May 2012 11:07:26 +0000

I and my wife have a flat jointly in Mumbai purchased through a home loan. This house is rented. We are presently staying in Delhi in a rented house. Can I get HRA as well as claim tax relief for Home loan for the Mumbai flat even if the rent for this flat is being collected in my wife’s name?

By: Somenath Ghose

Somenath Ghose — Wed, 23 May 2012 05:07:17 +0000

Sir- have a property in Mumbai on loan. Annual interest on loan is 1.5 lac +. I have moved from Mumbai to another city and have given the flat on rent (A) . In the current city i am staying on rent (B). Now i am purchasing a ready property in current city with bank loan whose annual interest will be over 2.0 lac +. This property will remain empty for at least the next 2 years.
Question: What all should i show in my income tax declarations so that i get maximum benefit and also remain clean in the accounts of Itax.

By: Umu

Umu — Mon, 21 May 2012 13:18:48 +0000

I’ve property under two names ( my name as the first & my ex as the second ). Now, he wanted to sell the property & denied my rights – by asking all the profits to be given to him via his lawyer.

My questions are :-
1) Do I’ve the right to claim more than him as my name is the first ( instead of divided it equally ) ? How to go about it
2) I take back the property – & wanted to sell it off later….. can I sell it off without his signature?

Your view is much appreciated

By: praveen

praveen — Mon, 21 May 2012 06:33:46 +0000

i purchased a land through home loan with the name of my mother,she is housewife.i paid emi.
can i took the any benifit against income tax.my mother and me have joint account.if i didnt any benifit on income tax so plz guide me for this benifit.i m a job holder in private concern.

By: Vineet Agarwal

Vineet Agarwal — Fri, 18 May 2012 06:59:27 +0000

Hi, I was allotted a plot(125 sq yds) under a govt scheme in Punjab .And I chose to pay the land price under a Option-C which says 70% of the total price of the plot is to be deposited in 7 half yearly installments along with interest of 10%per annum.I have already paid 2 installments and others are to be paid in future.Can I avail tax benefit on this case.The plot allotted is in Punjab and I live in Delhi.

By: nilakanth sahoo

nilakanth sahoo — Thu, 17 May 2012 09:42:26 +0000

sir, i’ve taken a housing loan in 2010 December to book a house in chattishgarh housing board. the house is still under construction & likely to take another 1/2 years. i recently came to know about an income tax law which states that the house should be completed withen 3 years of taking loan,otherwise it rebate on interest will be limited to 30,000. this 3 years is from date of sanctioning of loan or date of last installment?so if my house completes in 2015 will i be able to claim tax rebate or not.

By: ASIT KUMAR DEY

ASIT KUMAR DEY — Sat, 12 May 2012 09:33:02 +0000

I have purchase a house with the name of my son an borrowed the loan from sbi both name. But the EMI amount deducted from my account only. Last year I claimed income tax benefit 50% from my salary. Can I claim 100% tax benefit from my salary. If I claim my son will not claim 50% from his salary. If it is possible Please confirm my though mail.

By: avanish

avanish — Fri, 11 May 2012 05:04:00 +0000

Hi..

I am going to purchase a second home & applying for new Home loan. However, I have already cleared the earlierdepartmental HBA on exisiting home. Pls let me know whether I will get the same tax benefit as stated under second home purchase ie deduction of Interest actual paid (and not limited INR1.5L) ??

By: deepak mathur

deepak mathur — Thu, 10 May 2012 13:25:20 +0000

Hi , i have taken home loan for construction purpose from SBI BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.?

PLZ REPLY FAST…………..

By: Rajendra

Rajendra — Thu, 10 May 2012 04:47:58 +0000

I am residing in owned flat and have taken a residential plot on loan. Will i be eligible to claim tax rebate on said land. I am not planning to start any constructiuoin immediately.

By: mania

mania — Mon, 07 May 2012 09:12:26 +0000

dear Sir,
I have purchased one house in my wife”s name, who is house wife and all EMI is debited from my salary, whether i will get loan benefit? if not, then whether i will avail HRA benefit?

By: S.R.Srinivasan

S.R.Srinivasan — Sun, 06 May 2012 10:31:31 +0000

I took a home loan (2nd property) in Dec.2011. The construction of the hpouse is still under process. I have a pre EMI interest of Rs.25,000/- for the financial year 2011-12. I will be renting it in few months after completion of the house.Will I be eligible to claim the interest benefit in the income tax return for the financial year 2011-12.

By: Ram G

Ram G — Sat, 05 May 2012 11:27:19 +0000

Hi..

I am going to purchase a second home & applying for new Home loan. However, I have already cleared the earlier home loan on exisiting home. Pls let me know whether I will get the same tax benefit as stated under second home purchase ie deduction of Interest actual paid (and not limitedINR1.5L) ??

By: Raj

Raj — Fri, 04 May 2012 13:24:48 +0000

Hi thanks for sharing the valuable information for the public. Is there a way to claim the actual intereset paid on home loans ~Thanks Raj

By: deepak mathur

deepak mathur — Thu, 03 May 2012 01:33:42 +0000

Hi , i have taken home loan for construction purpose from HDFC BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.???

i need your advice

sir plz reply……………….

By: Rakesh Kanugo

Rakesh Kanugo — Thu, 03 May 2012 01:29:52 +0000

Hi , i have taken home loan for construction purpose from HDFC BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.???

sir plz reply……………….

By: Ashok

Ashok — Tue, 01 May 2012 08:29:44 +0000

Sir,

I need your expert advice in one of the concern. My son n my wife jointly had purchased the property in same location at Faridabad and we alla re living in new home where as the earlier home which is on my wife’s name is vaccant for more than 9 months and we are not able to get it on rent.

Is it possible for my son to claim some kind of rebate on tax as he is paying EMI for new home and we are not getting any rent from previous house.

By: Gourav

Gourav — Tue, 01 May 2012 08:24:19 +0000

Sir,

I have taken a home loan worth 2500000 and I am staying at same home at faridabad. Can I avail tax benefit for home loan and HRA benefit for same. Home loan is on my name and property is on my mother and my names. My father Mother, myself my wife and my 2 months old son lives in that poperty.

By: Rakesh Kanugo

Rakesh Kanugo — Tue, 01 May 2012 02:55:11 +0000

sir ,
i have taken home loan for construction purpose from SBI BANK. The property owner is my father and i m paying the loan amount . can i get income tax rebate.???

By: deepak mathur

deepak mathur — Tue, 01 May 2012 02:34:11 +0000

Hi , i have taken home loan for construction purpose from HDFC BANK. The property owner is my mother and i m paying the loan amount . so can i get income tax rebate.???

By: Sattha

Sattha — Mon, 30 Apr 2012 09:48:43 +0000

Sir, I work and live in rented accom in Gurgaon. Purchased a flat in Kolkata where my parents stay and the loan is alomost paid( 2 more years, so very little interest to be paid). I now purchased and possess another flat at Rajnagar, Ghaziabad, where I cannot stay due to the distance from my office. I am planning to loack it for the time being. Now what will be my tax implication considering,
I pay emi for the 1st flat(occupied by my parents), emi for 2nd flat(no occupancy) and pay rent in Gurgaon.

Thanks

By: Subrat

Subrat — Sun, 29 Apr 2012 03:16:58 +0000

I and my father are co applicants for a housing loan and now I want to get the house registered on my father’s name so what is the procedure for it kindly suggest

By: anil chawla

anil chawla — Sun, 29 Apr 2012 02:01:32 +0000

I have purchased a DDA flat.. If property is in my wife’s Name and she is co-applicant for home loan. I will pay full EMI.Shall I be eligible for rebate on home loan in income tax?

By: Goregaonkar

Goregaonkar — Fri, 27 Apr 2012 08:49:44 +0000

I have home loan of 10 Lacs jointly taken along with my mother. However now i want to become 100% owner of the property. Can i close the home loan first and then avail a home loan to buy the entire property?

By: Daisy

Daisy — Thu, 26 Apr 2012 06:48:40 +0000

I am the owner of a property and borrower of the loan for the purchase of the property. The EMI is 100% deducted from my income. Can I claim Tax benefits on behalf of myself and my husband ie 2 lacs toward the principal repayment and 3 lacs towards interest repayment?

By: Dinesh Bajaj

Dinesh Bajaj — Thu, 26 Apr 2012 05:54:29 +0000

Dear,

I want to know about of housing loan, If Husband & wife taken a loan in both name and house property in name of Wife than both are calim this deduction. Please provide your views

By: Umesh

Umesh — Wed, 25 Apr 2012 06:08:11 +0000

I have taken a RESIDENT LAND PURCHASE LOAN from HDFC , can i claim the interest pain under section 24?

By: abhishek

abhishek — Tue, 24 Apr 2012 17:23:36 +0000

my father purchase property from vastu vihar my father is land owner now he want to sale the flat in my name will i will get home loan

By: Jagadeesh

Jagadeesh — Tue, 24 Apr 2012 16:13:06 +0000

I have puchased a plot for house construction, proposed to construct in next year ie during Oct 2013 .can i avail tax rebate for this financial year 2012-13. I have got composite loan sanctioned for Rs.45,00,000, at present i have availed 20,00,000 and planned to avail the remaining during the construction time. Please advice me how can i avail tax benefit.

By: Pramod

Pramod — Tue, 24 Apr 2012 12:36:14 +0000

Is it possible to get possession certificate of the house after completion of the building where the occupancy certificate is not issued.

By: Cs

Cs — Tue, 24 Apr 2012 06:10:02 +0000

I Purchased a flat which is aound 7 kMs from my present flat and 11 Kms from my office, all the three – present flat, new flat and Office are with in 20 kms zone.
I am planng to letout the new flat. Is it possible to claim both HRA benifit and Housing Loan benifit, if possible plz. let know how to get the benift of both HRA and Housing loan.

By: Rajesh

Rajesh — Thu, 19 Apr 2012 05:26:17 +0000

Dear friends,
I have purchased a flat recently for which i am planing to take a loan. The same will be ready for possession in around Januray 2014. In this regard I wish to know that “will I be entitled to claim for tax relief on the interest paid by me on housing loan during the period which in which the possession of the flat has not been handed over to me.

If yes, then kindly clarify the amount regarding tax benefit on interest amount and principal amount paid by me during the period in which the possession has not been handed over to me. plz reply…….also on my email id if possible……..

warm regards,

rajesh

By: kirit ganatra

kirit ganatra — Wed, 18 Apr 2012 15:09:34 +0000

hello frnds…
we have took housing loan on join name with my wife and both are service people.
we have housing loan interest income is rs. 3,00,000
so in this case me and my wife both get rs. 1,50,000 and 1,50,000
or we get didection from the same?
plz rpl as early as u can…

By: neeraj singhal

neeraj singhal — Mon, 16 Apr 2012 07:30:32 +0000

i have booked a flat. now I am planning to take a loan. please answer the following queries:-

1. my wife who is a co-owner, can we take two loans againt this property. 2. the possession will be available in Dec. 2014, can we claim the benefits of interest paid till the time of possession. if yes how and how much.
3. whether the ratio of co-borrowing will decide the ratio in which principle/ interest will be devidied between me and my wife for claiming income tax benefits

By: R K Jha

R K Jha — Wed, 11 Apr 2012 10:18:11 +0000

me and my wife are joint owner in one property 1st-me, 2nd-my wife. in loan also me is first applicant and my wife is joint applicant. the entire EMI is being paid by me as i am only earning member not my wife. can you guide me how much maximum i can clam as interest and how much as a principal as my actual interest is coming as Rs. 250,000 and principal as 120,000/-

By: Pranay Verma

Pranay Verma — Wed, 04 Apr 2012 09:20:29 +0000

Hi,

I have booked a flat under construction linked plan and possession is due in December 2012. Please tell me, if I sell it today [April 2012] before possession/registration, what would be the tax liability. FYI: present cost is 60 lakhs and i booked it at 50 lakhs. Thanks, Pranay Verma

By: Home Loan

Home Loan — Tue, 03 Apr 2012 13:36:08 +0000

This is a very insightful article. Tax exemption for home loan interest repayment is a powerful tax saving tool for the middle class. The facets of this section should be well understood before applying for a home loan. At time, applying for a joint home loan might give higher overall tax saving for you and your spouse.

By: raghavendra.K.B

raghavendra.K.B — Mon, 02 Apr 2012 12:04:39 +0000

property is in my mothers name, i am only son, i am paying emi , cani get tax benifit,

By: Purushottam Gupta

Purushottam Gupta — Wed, 28 Mar 2012 11:28:27 +0000

Hi, Me and my wife is a co owner and co borrower of a house. If EMI is fully paid by me then can we both claim tax benefit of Interest and principal portion in equal basis or I have to open a joint account for EMI payment.

By: Anant

Anant — Tue, 27 Mar 2012 13:11:17 +0000

Sir, My father is retired from Govt. service and getting pension. My father has taken a home loan from LIC Housing in which my father is applicant and my brother and me are co-applicant. The registey of the flat (house) is in my father name and I pay all the EMI of the loan through my bank A/c. Then, Can take IT rebate benefits and How much. Can I also take rebate on stamp duty paid on the registry because the same is paid by my source of income.

By: MB

MB — Thu, 22 Mar 2012 08:35:14 +0000

I want to know that if I have 2 flats in my a/c and with SBI-home loan..what tax benifit I can avail at max. Principal should not beyond the limit of Rs.1,00000/- and the interest for both should not cross 1,50000/- by max OR what? It’s a doubt for me….If I purchase the 3rd one also..what should be the equation then in terms of tax benifit mainly.

By: Sanjay

Sanjay — Wed, 21 Mar 2012 15:20:13 +0000

i live in Chennai. I am planning to buy a flat in Pune. For this i am taking home loan from SBI pune. I will be continuing to stay in Chennai only (that means i will not be occupying / possessing personally this flat). Can u plz clarify on the income tax benefit for this scenario???

By: Amit

Amit — Thu, 15 Mar 2012 16:17:42 +0000

I have taken home loan of rs 20 lakh in which 5 lakh is margin money.can i get tax rebate for margin money like principle interest?

By: SAMIR KUMAR KAR

SAMIR KUMAR KAR — Wed, 14 Mar 2012 07:19:49 +0000

I have taken a HBA loan in 2007 from my company which is a PSU. The constructor is a joint venture company of WB Government. The flat is still under construction and expected to be completed by end of 2013. I have availed only half of my loan amount sanctioned by my company i.e. I have taken only Rs. 4 Lakhs out of total of Rs. 8 Lakhs loan sanctioned by my company as , payment to constructor is in instaliments.
My company is asking to start repayment of my loan. What should I pay first , the principal or the interest on payment already made to me . Kindly tell me details of income tax benefits I will get if I pay the principal first or if I pay the interest first.
Waiting for your advice. Thanks in advance.

By: Arvind Hatkar

Arvind Hatkar — Fri, 02 Mar 2012 16:58:46 +0000

Are you really answering our questions? because till today i have not recived my reply

By: Lal

Lal — Thu, 01 Mar 2012 09:37:46 +0000

I have purchased a house on wife`s name. Wife has no source of income and I have taken home loan on my name. Wife is co-applicant and I am applicant in home loan. I am making payment of EMIs through my bank account. Am I entitled to Income Tax benefit on loan interest and repayment of home loan?

By: Debojit Nag

Debojit Nag — Mon, 27 Feb 2012 10:00:41 +0000

Dear Sir,
My wife and myself purchased a home on 2009. We both are the co-owner as well as the co-borrower of this property. Since then we are taking the tax benefit of this with 50% share basis. Now we are planning to purchase another home where we both will be the co-owner as well as the co-borrower.

Are we eligible for getting the tax benefit of the 2nd property along with the 1st property at the same time?

If my wife is co-applicant of the 1st property and if she pay the entire sum of the 1st property and I pay the entire repayment ( EMI ) of the 2nd property where I am the co-applicant ( But we both are the borrower of both the properties), is she eligible of getting the entire tax benefit of the 1st property and myself for the 2nd property?

Thanks,
Debojit Nag