• Current tax benefit on home loan

I am Planning to buy a Flat in Patna. For this I have to take a loan of 15 lacks approx.
Apart from 80C (principle repayment) benefit, am I eligible for any other Tax benefit. This will be the first time I am gonna buy a house/flat on my name.
Asked 1 year ago in Income Tax from Patna, Bihar

Yes you can claim tax benefits on interest also under the head house property

For both self occupied and renting out

Limit of interest claim as negative income is RS 200000

Lalit Bansal
CA, Delhi
566 Answers
37 Consultations

5.0 on 5.0

You are eligible for the interest deduction paid on housing loan upto Rs. 200000

also stamp duty paid on purchase of property shall be available as deduction u/s 80C

Vishrut Rajesh Shah
CA, Ahmedabad
631 Answers
13 Consultations

5.0 on 5.0

Yes

1. You can claim home loan interest deduction in section 24 upto Rs. 200000.

2. Over and above the 200000 limit in section 24, you can claim additional Rs. 50000 home loan interest deduction under section 80EE, subject to other conditions being satisfied.

Lakshita Bhandari
CA, Mumbai
2254 Answers
81 Consultations

5.0 on 5.0

You will get Deduction u/s 80C for Principal Component and u/s 24 for Interest Component

Pradeep Bhat
CA, Bengaluru
477 Answers
30 Consultations

5.0 on 5.0

Hi,

You will be eligible for deduction of interest paid on your home loan under section 24 upto INR 2 lacs as well as under section 80EE upto INR 50k subject to certain conditions.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
162 Consultations

5.0 on 5.0

Sorry...For 80EE, loan needs to be sanctioned between 1 April 2016 to 31 March 2017.

Abhishek Dugar
CA, Mumbai
3576 Answers
162 Consultations

5.0 on 5.0

80EE is applicable only if the Housing Loan is taken in FY 2016-17

Pradeep Bhat
CA, Bengaluru
477 Answers
30 Consultations

5.0 on 5.0

Yes

Vishrut Rajesh Shah
CA, Ahmedabad
631 Answers
13 Consultations

5.0 on 5.0

As per the current scenario,80EE benefit is available when loan has been sanctioned between 01.04.2016 to 31.03.2017. Such exemption may be extended.

Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.

This tax deduction of Interest on Home Loan under Section 24 is deductible on payable basis, i.e. on accrual basis. Hence, deduction under Section 24 should be claimed on yearly basis even if no payment has been made during the year as compared to Section 80C which allows for deduction only on payment basis.

This deduction is also allowed when the property is self-occupied.

Lakshita Bhandari
CA, Mumbai
2254 Answers
81 Consultations

5.0 on 5.0

for Home Loan Interest benefit your bank/NBFC will issue a Home Loan interest certificate by using this you can claim benefit of the same

Lalit Bansal
CA, Delhi
566 Answers
37 Consultations

5.0 on 5.0

Hello,

Yes, you can benefit from Sec 80EE as well as claim the interest that you will pay against your housing loan.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

Under Income Tax

Vishrut Rajesh Shah
CA, Ahmedabad
631 Answers
13 Consultations

5.0 on 5.0

Section 24 Benefit is for Interest on Housing Loan. You can claim up to Rs. 2 Lakh Deduction

Pradeep Bhat
CA, Bengaluru
477 Answers
30 Consultations

5.0 on 5.0

You have to claim it while filing your income tax return under house property head.

Please feel free to call revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
162 Consultations

5.0 on 5.0

Hello,

You can adjust the amount of interest paid on your housing loan upto a maximum of Rs.200,000/- against your house property income or other sources of income.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
23 Consultations

5.0 on 5.0

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