Would you like an expert to help you with your I-T returns?
If you want to learn how to save tax on home loan interest, this guide is for you.
This is within the overall limit of Rs 1,50,000 of Section 80C.However, the Interest paid on Home Loan before the completion of Construction (i.e.In such cases, Section 24 very specifically states that Tax Deduction for payment of Interest shall not be allowed before the construction is complete.If you are living in a rented premise and are taking Tax Benefit of HRA Allowance, even then you can claim Tax benefit on home loan under Section 24, Section 80EE Section 80C.Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act.This document contains information on your ownership share, borrower details and EMI payments split into interest and principal.2 Lakhs (increased in Budget 2014 from.5 Lakhs.The aggregate amount of tax deduction already claimed in respect of previous years shall be deemed to be the Income of the Assessee venetian promo codes december 2014 of such year in which the property has been sold evans cycles promotional code 2014 and the Assessee shall be liable to pay tax on such income.1,50,000 within the overall limit of Section 80C in FY 2014-15 (Rs.
It makes tax sense to purchase the new apartment absolut vodka india design contest jointly say with your spouse, then each of you is entitled to a deduction of 2 lakh for interest funded by each of you, as explained above.
You can also claim deduction under Section 80C for the stamp duty and registration charges paid.
If the construction of the property is not completed within five years from date on which the loan was taken, then the interest benefit of Rs 2 lakh reduces to just Rs 30,000.
The benefit of this deduction would be available till the time the repayment of the loan continues.
Who is this guide for?Arun Jaitley said in his Budget 2017-18 speech.All the deductions related to home loan interest Deduction under section 24 and principal repayments under section 80C are tied to ownership.The additional deduction is available for home loans of up to Rs 35 lakh, provided the property value does not exceed Rs 50 lakh.Written by, renu Yadav, last Updated: June 05, 2016 11:36 (IST) Renu Yadav.The guide has examples that explain all about income taxes on house property.She has no plans of returning to Indore in the next five years so she gives that flat on rent.Story first published on : June 05, 2016 11:17 (IST).