tag:blogger.com,1999:blog-2004257931445490362.post6484705350265448113..comments2024-03-26T15:10:46.095+05:30Comments on SIMPLE TAX INDIA: INTEREST ON HOUSE LOAN- INCOME TAX ACTRAJ KUMARIhttp://www.blogger.com/profile/12854260124513086419noreply@blogger.comBlogger29125tag:blogger.com,1999:blog-2004257931445490362.post-76342025476133250882020-04-11T05:11:22.770+05:302020-04-11T05:11:22.770+05:30Dear Sir,
If loan of Rs 25 Lakh sanctioned on 15-...Dear Sir,<br /><br />If loan of Rs 25 Lakh sanctioned on 15-04-2013 for first house property valued Rs 35 Lakh.<br />Now for how many years can continue claim deduction u/s 80EE Rs. 50000.00 after 31-03-2014.<br />Please let me suggest. Ajaybhai Dhandhukiya-Baroda,Gujarat.https://www.blogger.com/profile/18032493990744239131noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-90007483220637114122016-04-15T10:37:58.715+05:302016-04-15T10:37:58.715+05:30Thanks Raja so for the first part it is clear that...Thanks Raja so for the first part it is clear that for renovation etc there is a cap of 30K.<br />The second question is about second home buying where say you take a home worth 20Lacs (10L own contribution + 10L loan). So for own contribution if i borrow 5L from my brother will the interest be allowed for deduction and if yes would it be allowed post possession like normal home loan ?Anonymoushttps://www.blogger.com/profile/11422893810740111179noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-21114089729214542062016-04-15T00:11:29.720+05:302016-04-15T00:11:29.720+05:30Yes ,you can take personal loan (but renamed it as...Yes ,you can take personal loan (but renamed it as home loan) for repair/renovation etc and interest on such loan can be claimed up to 30000/- per annum .<br /><br />To claim interest you have to obtain a copy of account of lender showing interest charged from you.<br /><br />The query is not clear to me so please ask with details /example.RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-62471927634171341722016-04-14T17:01:23.463+05:302016-04-14T17:01:23.463+05:30Hi Raja, is it possible to take some personal loan...Hi Raja, is it possible to take some personal loan for home renovation/interior/repair work and claim the deduction for it. If yes, is there any limit on the cap you can claim as benefit in 24b ? And what documents would be required to be presented as proof affidavit/bank transactions/bills/invoices etc.<br />Also, is it possible to use some amount for the down-payment of a new property that one Anonymoushttps://www.blogger.com/profile/11422893810740111179noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-75765097326058249362016-03-19T17:12:35.219+05:302016-03-19T17:12:35.219+05:30No ,you can not claim deduction ,to claim the dedu...No ,you can not claim deduction ,to claim the deduction you must be owner of the property.RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-42555438321920739772016-03-18T16:14:33.493+05:302016-03-18T16:14:33.493+05:30we have property in name of my father. Me and my b...we have property in name of my father. Me and my brother took loan from the bank for construction of house on it. Bank official says that we can take benefit of home loan interest deduction but i found on internet http://taxadda.com/income-tax/house-property/deduction-of-interest-sec-24b/ that such deduction is not allowed. i just want to know whether this deduction is allowed or not. Prateek Agarwalhttps://www.blogger.com/profile/15361911255938933051noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-9955155472124005102016-02-25T21:04:15.701+05:302016-02-25T21:04:15.701+05:30Loan taken for house repair ,so maximum deduction ...Loan taken for house repair ,so maximum deduction for interest is 30000/-RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-1985702124310562442016-02-25T09:45:37.266+05:302016-02-25T09:45:37.266+05:30Dear Sir,
i have paid interest of house ...Dear Sir,<br /> i have paid interest of house repairing loan near about 1,30000.00 annually. And i have borrow this loan from teacher's cooperative socity. how much amount i can show in u/s24(i) of my tax statement.Anonymoushttps://www.blogger.com/profile/00207845969721421168noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-25995203059355946842015-08-26T10:23:36.292+05:302015-08-26T10:23:36.292+05:30As per rule your interest is divided in two parts ...As per rule your interest is divided in two parts <br /><br />1.Pre construction period interest<br />2.After construction period <br /><br />Pre construction period in your case is up to 31.03.14 ,This interest is allowed in five equal installments from fy 14-15 to 18-19.<br /><br />So you can claim 20% of 70350 in Fy 2014-15 i.e 14070<br /><br />If all other condition of 80EE are fulfilled by RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-56258727498903088682015-08-26T07:38:14.111+05:302015-08-26T07:38:14.111+05:30sir, I have taken home loan on 9 sept 2013 for con...sir, I have taken home loan on 9 sept 2013 for constuction of my house on my land.my house got completed in may 2014.I am first time home loan borrower.home loan interest in FY 2013-14 was Rs.70350 and during FY2014-15 was Rs.199222.I had not mentioned home loan interest in AY2014-15.Can I claim both years home loan interest in AY 2015-16.As the total amount is above Rs.200000 the limit, can I Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-66749906147605122652013-09-04T11:54:39.011+05:302013-09-04T11:54:39.011+05:30Good information. Lucky me I came across your webs...Good information. Lucky me I came across your website <br />by accident (stumbleupon). I've book-marked it for later!<br /><br /><br /><br />Feel free to visit my web blog advertising tattoo (<a href="http://www.urkgottalent.nl/read_blog/78966/local-seo-saves-money-while-reaching-targets" rel="nofollow"></a>)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-54447009773693154652013-08-06T08:04:23.705+05:302013-08-06T08:04:23.705+05:30Interest on house loan show under "Income fro...Interest on house loan show under "Income from house property" with minus sign .Next column after income from salary .select self occupied in house (if not let out)<br /><br />For interest on house loan use section 80E under deduction heading RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-1322189616668293312013-08-05T23:35:11.574+05:302013-08-05T23:35:11.574+05:30In e return in which column we have to fill House ...In e return in which column we have to fill House Building Interest and Education Loan interest that is in Deduction where to fill the amount uhnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-9569127262796921012013-02-27T20:55:37.366+05:302013-02-27T20:55:37.366+05:30I have a flat in Gurgaon on which Home Loan is run...I have a flat in Gurgaon on which Home Loan is running. This flat is occupied by my Parents. Me and my wife both are staying in Rohini, New Delhi due to my wife's job in Rohini. <br />Is am eligilble for both HRA Exemption and Interest on Home Loan?<br />Please suggest. Viveknoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-26927543883677214512013-02-13T21:58:31.625+05:302013-02-13T21:58:31.625+05:30yes , you can not claim as the house is not on you...yes , you can not claim as the house is not on your name .<br /><br />technically ,interest on house loan is a negative income from house and house income is to be added in owner's income and you are not the owner ,so you can not claim RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-44032542116016753682013-02-13T19:48:29.561+05:302013-02-13T19:48:29.561+05:30i have taken a housing loan in 2010 and was gettin...i have taken a housing loan in 2010 and was getting exemption from incometax payment. the house is constructed on the property of my husband and loan is taken as joint account. now some says that i cant claim that bcas the house is not constructed in my property. is there any rule related to this? pls help me.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-15625148761378843342013-02-08T20:46:58.052+05:302013-02-08T20:46:58.052+05:30No ,you can not.You can claim interest /principal ...No ,you can not.You can claim interest /principal benefit this year(fy 2012-13) only if you get the house before 31.03.2013RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-14571059016598001602013-02-08T20:23:44.432+05:302013-02-08T20:23:44.432+05:30Sir,
I availed a housing loan from HDFC and i am y...Sir,<br />I availed a housing loan from HDFC and i am yet to get the possession of the flat. Can i claim the tax deduction for the interest and principal ?. Pls adviceChnhttps://www.blogger.com/profile/11647597844288249236noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-7807519056109567152013-01-29T11:38:14.645+05:302013-01-29T11:38:14.645+05:30Sir,
Did you know what is the rate of interest wi...Sir,<br /><br />Did you know what is the rate of interest will be paid by a construction company, if buyer paid more than Rs. 750000-00 before possession. (Period is from 2006 to 2012). Please help, because i was read somewhere that the interest rate is 12% on advance for home to builder or construction company. Please help.Tally Knowledgehttps://www.blogger.com/profile/17138058195183452291noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-64905676029455079042013-01-09T22:06:09.333+05:302013-01-09T22:06:09.333+05:30yes ,you can claim deduction of interest on loan f...yes ,you can claim deduction of interest on loan from wife also.but no deduction on principal repaymentRAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-68986005453733832392013-01-09T20:55:01.762+05:302013-01-09T20:55:01.762+05:30Greetings,
I was not aware of this provision in t...Greetings,<br /><br />I was not aware of this provision in the income tax exception !<br /><br />Could you clarify if the money/loan borrowed from wife also comes under this, provided i get the interest certificate from her.<br /><br />Thanks,<br /><br />SunilAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-82953272777825395212013-01-08T18:50:48.694+05:302013-01-08T18:50:48.694+05:30Thanks a lot for your swift update sir.
I have go...Thanks a lot for your swift update sir.<br /><br />I have got the provisional certificate from housing loan provider. Do we have any standard format for declaring the interest paid to friend, so that i can get it signed from him.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-85420347352122893062013-01-08T18:35:04.821+05:302013-01-08T18:35:04.821+05:30you can avail interest on house loan
self occupie...you can avail interest on house loan <br />self occupied portion maximum 150000/- and <br />let out house : without any limit <br />interest on loan from friend is also available for deduction subject to above limits.<br /><br />Further you can avail house loan(other than Bank) repayment up to 100000 u/s 80C.<br /><br />To claim interest /principal you have to take copy of account or certificate RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-33618575095110403412013-01-08T18:12:59.081+05:302013-01-08T18:12:59.081+05:30Hi Sir,
Need your insights on this.
I have bough...Hi Sir,<br /><br />Need your insights on this.<br /><br />I have bought 2 independent houses in same site using the a single housing loan and I'm staying in one of the houses and the other has been let out. What are the income tax benefits that i can avail in india. i.e. the interest on self occupied ( 1,50,000) and interest on let out property etc.<br /><br />Also, I have borrowed an amount Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-85785427261002192832013-01-02T13:19:46.742+05:302013-01-02T13:19:46.742+05:30If you have two house ,on can be treated as self o...If you have two house ,on can be treated as self occupied and other will be treated as deemed to be rented .this rule is applicable irrespective to the fact whether you have availed house loan on that house or not.RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.com