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
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.
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
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
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.
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
Does this section 80EE valid for current FY?
How could I claim/use 'sec 24' for benefit on home loan interest?
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.
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
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
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