Hi, 1. I purchased my flat in Jun 2015 and got possession letter and possession in Oct 2015 .THis is my first and only flat. 2.My wife is co owner and also 2nd applicant in home loan . 3.i paid EMI for 6 months and my wife 3 months ( total 9 months from Jul 2015 - Mar 2016). 4. My flat is not registered but builder provided me possession certificate . 5. I stayed in Rented apartment till i got possession (Oct 2015) My question is 1.Can whole principal and interest amount be claimed for the FY as i received possession of flat in same FY 2.can i claim 70:30 ratio as i split the payment towards emi in the ratio of 70:30 . 3. can i split principal amount and interest amount in 70:30 and claim tax rebate
Dear Sir,
Interest and principal paid in FY 2015-16 can be claimed by you in the ration of your emi payment.
Further, interest paid before FY 2014-15 can be claimed in 5 equal installments starting from FY 2015-16
Please feel free to revert/call back in case of any doubts.
Thanks and Regards
CA Abhishek Dugar
thanks .can i claim 70:30 ratio as i split the payment towards emi in the ratio of 70:30 .between me and my spouse(as i paid EMI for 6 months and my spouse 3 months , total 9 months from Jul 2015 - Mar 2016).)
1. Yes whole amount can be claimed in FY 2015-16.
2. Yes you can claim 70:30.
Yes, you can.
Dear Sir,
Based on the information provided by you, you can very well claim the principle and interest amount subject to a maximum of Rs.150,000/- in Section 80C and Rs.200,000/- for interest outflow.
Yes, you can claim the benefit in the ratio of 70:30.
Trust this clarifies your query.
Feel free to call back/ get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Thanks . As mentioned in my original post .I stayed in rented apartment for 6 months (apr-2015 -sep 2015 ) before moving to my own house and want to claim HRA .Can i do both HRA for 6 month then tax benefit on home loan one query on ..i am depositing extra amount in my loan account to reduce Principle amount can i claim the extra amount under 150000 Rs/ in 80 C in addition to the principle amount paid with EMI .??
Yes you can..
If it is part of principle then you can take U/s. 80C and get max of 150000.
Yes, you can do so.
You can do so subject to bank giving the acknowledgement or statement showing the repayment of extra amount
Dear Sir,
You can claim only upto a Maximum of Rs.150,000/- under 80C, which includes Housing Loan Principle, Life Insurance, PPF etc. So you cannot claim the excess above Rs.150,000/- if paid.
Trust this clarifies your query.
Feel free to call back/ get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.