Home loan deductions

- Divide the total interest paid/payable between self-occupied part and let out. Maximum interest of Rs.2 lacs will be set-off against the salary income. You have to show both the part separately in the ITR. ITR-1 is applicable to you.

- Assuming it is a furnished property therefore Rs.18,500 p.m. will be treated as rental income only.

- Benefit of HRA will be available till Aug.2019 if the property is located in the city of your employment.

- Deductions u/s 80C,80D will be available to you which is also reflected in Form 16.

Hi,

You can claim deduction for interest paid till 31 March 2019 in 5 equal installments starting from FY 2019-20. Further, you will also get deduction for the interest paid during FY 2019-20 u/s 24.

Please note maximum loss under house property can be claimed during an year is 1.5 lacs. loss in addition to that will be carried forward.

Further, you are also eligible for deduction u/s 80C for principal repayment of your loan.

Yes sir sure we can have a phone consultation and I can assist you with all the issues and how you can file the return and what would be total tax.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hello,

Regarding the home loan payments, you would get the deduction for both interest and principal repayments.

Interest paid for the period up to 31st March 2019 would be available as pre-construction period interest in 5 equal installments in 5 years.

Interest for the current F.Y. 2019-20 would be available as deduction u/s. 24 under the head house property.

Principal repayment made during the current F.Y. 2019-20 would be available as deduction u/s. 80C.

I hope this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

Dear Sir,

Hope you are doing well !!

For the property that is still under construction, you can claim the following tax benefit:

• Deduction for principal repayment for up to Rs. 1.5 lakhs.
• The deduction for interest amount can be claimed in five equal installments after the construction is complete within 5 years from the financial year in which the home loan is availed.

It is advisable to take a phone consultation for detailed discussion.

You can avail 30% deduction on your rental income. and the benefit of interest and principal on your home loan. 84,000 is your rental income from Sep 19 so 30% of it 25,200 will be available as deduction from rental income. Hence, net rental income will be 58800. You cannot claim HRA benefit as you are staying in your own house. 

Rent of furniture will be taxable as income from other sources.

If you have any tax saving investments you can claim the benefit of that.