Apr 1 2009

Home Loans and Income Tax Benefits – Part 2

Posted by krishnas in Banking, Builders, HDFC Bank, Home Loans, ICICI Bank, Interest Rates, Real Estate
267 Comment

Introduction

home-loans4 In this article I will be writing about the home loans and the calculation involved in the interest repayment. In my previous article titled Home Loans and Tax Benefits explains about what are the tax benefits while taking the home loans. But, it doesn’t write much about the interest repayment and the different scenarios while owning the multiple houses. This article intend to teach you how to utilize the interest repayment on home loans when you have many properties and have rented out few houses. I would like to hear feedback from you, Please post it in the comments section. If you like the article, please get free email updates.

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Articles on Home Loans

In our blog I have published home loans related articles in the past. It would be nice if you have read those articles to gain more knowledge on the home loans and tax benefits.

Home Loans and Tax Benefits
Tax Benefits on Home Improvement Loans
What is Home Loans Top Up?
Information on Home Loans

Home Loans and HRA

home-loans-tax-benefits Many people confuse that if you have the home loans then you are not eligible for the HRA deduction from the income. That is not the correct opinion, in many case people buy the house and for some reason they will stay in the rented property. In that case they are eligible for the HRA exemption. The exemption of HRA is covered under Section 10 (13A). The following conditions are needed to allow the HRA exemption:

The rent must be actually paid by assessee.
The rented property is not owned by the assessee. The section does not enforce any rules if the assessee owns any other property. So, that is irrelevant to the case.
Principal portion of the home loans will not affect in any way to the HRA or interest payable.

Home Loans and Interest Payment

Here I will be writing about the various scenarios involved in interest paid on home loans. There may be scenarios where one person owns many properties with different city. This section will explain you with example of how to calculate the tax benefits on that scenario.
If the person self occupied the property, then it is direct deduct from the income. For example a person paid Rs.120000 for interest on home loans. His total income is Rs.400000. Then his taxable income is Rs.400000-Rs.120000=Rs.280000. (Other tax deductions will be added). There is upper limit of Rs.150000 as interest payable if the property is self occupied. The limit is applicable for the person owns multiple home loans for more than one property, if the property is self occupied.
If the property is rented out, then the annual value (income as rent) will be calculated for that property. The formula will be like this:Annual Value (Rental Income) – 30% as the standard deduction – Interest Payable on home loans = Income from house property.
In the above scenario, income from house property can be negative when the interest payable is more that rent received. In such scenarios the loss will be deducted from the total income. For the rented property there is no limit on the interest payment. For example, the total rent received in particular year is Ra.100000. the same year interest paid on home loans is Rs.300000. Then Rs.200000 (300000-100000) can be deducted from the total income. This calculation is for the rented property.
If the property is vacant, not rented out and also not self occupied. The you will have to calculate the rental value based on the market and location of the property. That notional vale will be used for the calculation.
There is nothing in the section that affects the exemption of HRA at all. Also, there are no conditions that restrict the availability of deduction of interest based on the assessee’s stay in any other premises.

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Summary

I have written many in depth details about the interest payment on home loans. This would be sufficient for the tax deduction and post your comments if you have any doubts. I will be happy to answer all your questions. If I have missed out any of the points, will come up with another article explaining the home loans and benefits. Thank you for reading the article.

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TAGS: hdfc bank, Home Loans, housing loans, icici bank, interest payment, Interest Rates, section 10 13a, section 22, section 23, section 24, section 27

267 Comments on this post

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Home Loans and Income Tax benefits wrote:

[...] Update : Home Loans and Income Tax Benefits – Part 2 [...]

April 1st, 2009 at 12:11 am
Tax Planning for 2009 - Part 2 wrote:

[...] in the section 24b. I have written detailed article on Home Loans and Income Tax Benefits and Interest Payment. If you pay the principal of Rs.100000 every year, there is no further investment under section [...]

April 5th, 2009 at 7:32 am
What is EMI and pre-EMI? wrote:

[...] This process is very normal and everyone is aware of this term. But, there is another term pre-EMI, that is very less known to the people. In the next section we will look into that in details. Pre-EMI is one of the important fact which every buyer should know before applying for the loan when the building construction is not yet completed. After reading this article please talk to nearby banker to know more about the Pre-EMI and its advantages. The process for Pre-EMI can be different from each bank. Home Loans and Income Tax Benefits [...]

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[...] Home Loans and Income tax Benefits-Part 2 [...]

December 31st, 2009 at 12:01 am
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[...] be writing about the tax exemption for the home loans under section 80c. I will not write about the interest payment on home loans. That is not come under the section 80c. If you are the regular reader for this site, I have [...]

February 8th, 2010 at 12:02 am
Tax Exemptions on Home Improvement Loans wrote:

[...] the tax exemptions for the home improvement loans. I have written many articles related to the home loans and income tax benefits. There are two sections talking about the home loans and tax exemptions related topics. One is [...]

June 6th, 2010 at 3:26 am

Deepak said:

Hi,

thanks for this nice article… Please help me in the following scenario and let me know the tax benefits that I can avail…

I purchased a house in June 09
I occupied the house in Sep09
Till Sep09 I stayed in a rented house with a rent of 12000 per month.
Principal amount to be paid for the FY 09-10 : 70000
Interest amount to be paid for the FY 09-10 : 150000

Please let me know if I can claim tax rebate (HRA) on the rent paid till Sep 09 or not. Can I avail the entire interest component for tax benefit?

Also what are the documents required to claim that the house is mine? Is the registered Sale Deed sufficient?

June 19th, 2009 at 7:08 am
sumod v choughule said:

I have purchased second home.I am paying the EMIs to bank. But the house will ready in june-2010.I am alrady availing principal and interest benifit on my first home loan where I am presently staying. Can i avail interest benifit on my second home loan ? If not now , then when ?

SUMOD.

July 7th, 2009 at 8:46 am
krishnas said:

HI Deepak,

Thank you for the comments. You can claim the both benefits. One thing you note that even if you have own house you can claim the HRA if you are staying in the rental house. But, in that case you have to declare the your own house rental income.

In your case, you can claim the HRA and home loans benefits without any problem. Yes..you can get the entire 150000 under interest paid. When complete of the financial year, bank will provide you the certificate saying that you have paid Principal and Interest amount. That document has to be submitted to Income tax office. Hope this will clear your doubts.

Thanks,
Krishna

July 7th, 2009 at 6:14 pm
krishnas said:

Hi Sumod,

You cannot avail the income tax benefits till you occupy the house. What ever you are paying for housing loans while when it is under construction, principal will be lost for ever. Interest paid can be claimed in the five equal installments once you occupied the house. You can claim for both the house, but the maximum limit will be same as Principal Rs.100000 and Interest paid Rs.150000.

For the second house, you can avail benefits from the next financial year 2010-2011. Hope this clears your doubts.

Thanks,
Krishna

July 7th, 2009 at 6:21 pm
sachin k said:

In previous article (part 1) you have mentioned following –

—-
4.The best part is that there is no restriction of “Self Occupied Property” for claiming the tax break on interest paid under sec 24. In fact, if you have rented out the house, and the rent you receive is more than Rs. 1.5 lacs per year, ALL interest paid (even if it is more than Rs. 1.5 lacs) is deductible from the rent received – provided that the interest paid is not more than the rent received.
—-

But in this article in one example you have mentioned Interest paid amout can be more than the rent received.

Please clarify

July 7th, 2009 at 11:43 pm
pradeep said:

Hi
I have a question . Presently i am occupiying in own house in Bangalore and i am claiming the benefit of the interest paid on housing loan which is around 1.5 Lakhs.
If we buy a flat in my wife’s name in another city and give it out for rent , shall she claim the total interest of home loan as tax exempion ( minus the rent) ?

July 18th, 2009 at 7:14 pm
krishnas said:

HI Pradeep,

Yes..surely she can claim the total interest paid from her taxable income. You also can claim it if the house is in your name. Rs.150000 limit is only for self occupied house. If the house is rented out, then there is no limit for interest exemption. But, you have to show the rental income as the other source of income.

Hope this clears your doubts.

Thanks,
Krishna

July 19th, 2009 at 7:44 pm
saju said:

Hi,

this is a very useful post. i have a query. i am currently working in kolkata and staying in a rented flat. i have purchased two apartments in cochin both on housing loans. can you tell me how i can avail maximum tax benefits.

saju

July 19th, 2009 at 11:35 pm
krishnas said:

HI Saju,

For the rented flat you can claim HRA of allowed limit as per the policy. You can read the details here:
http://www.thinkplaninvest.com/2009/04/hra-and-tax-benefits/

What is the status of the two apartments? Is it under construction or already let out the property? based on that only we can suggest the tax planning. Please post the details about those apartments.

Thanks,
Krishna

July 20th, 2009 at 2:37 am
saju said:

- one apartment is completed and i am claiming IT benefit for the loan repayment. But it is not rented out. lying empty.

- the other apartment will be completed by Dec 2009.

July 20th, 2009 at 3:12 am
praveen kumar said:

i have taken a home lan by l.ic in the year 2006 june. but the possession given to me of my flat was on 25th of feb2009 by the builder.
i have not taken tax benefit in the income tax filed from 2007 till 2008, since the possesion was not given.

can i claim the entire principle and interest for the income tax calculation of 2008-2009.
please advise.

July 20th, 2009 at 3:42 am
krishnas said:

HI Saju,

You can claim the tax benefits only if the apartment is completed during the financial year. In you case you can claim for both the houses if the construction is completed before March 2010.

Note that if you are not staying in the house, it is assumed that the property is rented out. If you want to claim tax rebate for the property which is not self-occupied, you have show the rental income as weel.

There is no limit on the interest repayment. For example you have paid Rs.400000 as the interest for housing loan, the entire amount is deducted if the property is not self occupied. Make sure that you are showing the rental income in the IT returns.

Thanks,
Krishna

July 20th, 2009 at 3:51 am
krishnas said:

HI Praveen,

You cannot claim the principal repayment during the construction period. You can claim only for the Interest Repayment. You can claim the benefite in five consecutive years. For example you have paid the Rs.200000 interest during the under construction period, you can claim that in next five years as Rs.40000 each year. Note that it is included in the maximum limit for each year.

Thanks,
Krishna

July 20th, 2009 at 4:26 am
Anshul said:

Hi Krishna,

Both these articles are very good and helpful, explained the Home Loan tax benefit aspect pretty nicely, thanks!

Now I also have a question:
I’m currently working in Bangalore and staying in rented house. I’m planning to buy a house in North India (NCR, Jaipur, or alike) and will be giving that house for rent. So in this case, will I be able to claim tax benefit applicable for a rented property (though it will be my 1st property only, but in other city) and will I be getting HRA as usual?

Thanks for the help!

Regards,
Anshul

July 21st, 2009 at 3:28 am
senthil kumar said:

Hi

I bought a house in Coimbatore in 2005 through housing loan. This house is in my name.

In 2006, I bought a house in Hosur, in my wife’s name and the Loan account is in her name. During this time she was employed. Later she quit the job and became house-wife.

Now we are living inthis house (in Hosur) and working in Hosur ( close to Bangalore)

Am i eligible to claim I.T benefits for the principle and interest of the housing loan taken on my wife’s name and she is a housewife.

July 21st, 2009 at 4:20 am
krishnas said:

HI Anshul,

1)If you have taken a home loans to purchase that house, you will get tax benefits of Rs.100000 for principla and there is no restriction for interest payment if the property is let out.

2)You have to show the rental income in IT returns as other sources of income.

3) You can claim HRA in the current city. There is no problem in that.

Thanks,
Krishna

July 21st, 2009 at 7:13 pm
krishnas said:

HI Senthil,

If you want to claim the tax benefits for housing loan then the house must be in your name or atleast you must be the co-owner for this house. Also, co-borrower of that loan. Otherwise there is no way to claim the tax benefits.

Thanks,
Krishna

July 21st, 2009 at 7:16 pm
Anshul said:

Hi Krishna,

Thanks a ton for so quick & to the point response! I highly appreciate your knowledge & helpfulness!

Thanks once again!

Regards,
Anshul

July 21st, 2009 at 11:19 pm
Manik said:

Hi Krishna,

In the example that you gave, can I also get benefit of the principal that has been repaid during the financial year. For example
if the principal repaid was Rs. 1,00,000 and interest paid was Rs. 3,00,000 and the annual rent is Rs 1,00,000/-

Then is the following formula correct?

Annual Value (Rental Income) – 30% as the standard deduction – Interest Payable on home loans – Principal paid = Income from house property.

Income from house property = 1,00,000 – 30,000 – 3,00,000 – 1,00,000 = (-) Rs3,30,000

Regards
Manik

July 22nd, 2009 at 6:04 am
krishnas said:

HI Manik,

Correct..the same way you can do it while filing the IT returns.

Thanks,
Krishna

July 22nd, 2009 at 6:10 am
Manik said:

Hi Krishna,

Thank you very much for the clarification. I have one more question.

In case I own a single house that is rented (say rent is Rs 1,00,000) and myself live in a rented house and am paying a home loan interest (Rs 3,00,000) for the first house then can my income from home be considered as

Income from house property = 1,00,000 – 30,000 – 3,00,000 = (-) Rs2,30,000

or because I own only one house it will be

Income from house property = 1,00,000 – 30,000 – 1,50,000 – 1,00,000 = (-) Rs80,000

Thanks and Regards
Manik

July 22nd, 2009 at 6:26 am
krishnas said:

HI Manik,

Income from the house will be the same.

Thanks,
Krishna

July 22nd, 2009 at 7:58 am
Manoj said:

Hi Krishna,

The article is really very good written & helpful.I too have question to ask .

I have booked a flat in Gurgaon with my wife as co-owner which is in under construction phase will be ready by Sept 2011.We are planning to take loan for that property.I have few queries.

1) If after pocession we occupy the property can we both get Principle payment(1 lac) & interest payment(1.5 lac) benefit individually.

2) If we let out flat ,will we both have to show it as a rental income to get tax benefit on interest payment & priniciple payment.

3) Can any one of us take one more home loan when both of us already have taken joint home loan ?

Thanks in Advance.

Regards
Manoj

July 23rd, 2009 at 1:38 am
S Ramesh said:

Please clarify some lack of understanding that I have for calculation of annual income from rented house property:

“If the property is rented out, then the annual value (income as rent) will be calculated for that property. The formula will be like this: Income from house property for that financial year = Rental Income for that financial year – 30% as the standard deduction – Interest Payable on home loans”

In this connection, I have the following 2 questions :

a) Question about the initial 5 years: Can I add 1/5th of Pre-EMI interest to the “Interest Payable on home loans” in the initial 5 years starting from the financial year in which the possession was taken? In other words, the formula for the initial 5 years when tax exemption is claimed, would read as follows:

” Income from house property for that financial year = Rental Income for that financial year – 30% as the standard deduction – (sum of (Interest Payable on home loans in that fiscal+1/5th of Pre-EMI interest))”

b) Question about the initial year in which tax exemption is claimed :

In that financial year, I got possession in end-October and it was vacant for some carpentry work from Nov to Jan and I gave it for rent for 3 months Feb-Mar. Do I have to add the notional market rental value for the 3 months when it was vacant, to actual rental income?

July 23rd, 2009 at 8:07 am
Rajesh N said:

Thanks for all the useful comments here.
I have a further query. I and my wife took a joint home loan in 2005. However, the builder had registered the house only in my name. I had a doubt and asked the bank if my wife could claim the IT benefit, which they said as yes, eventhough she was not the co-owner. Now I have been advised that she cannot claim the IT benefit since she is not a co-owner. How do i proceed now if i need to make her the co-owner, so she takes the IT benefit.

Thanks
Rajesh

July 23rd, 2009 at 11:05 pm
S Ramesh said:

Hi Krishna,

Awaiting your response to the previous. At the same time I have one more question:

Is there any limitation on claiming full interest as deduction on let out property if the loan is taken after 1 Apr 1999 and the period of construction for the house property exceeds 3 years? I saw that for self-occupied property, the interest deduction is reduced from Rs.1.5 L to Rs.1.5 L in such case. Is there any implication for let out property?

July 24th, 2009 at 12:30 am
krishnas said:

HI Manoj,

1) Yes..both of you can claim individaully tax benefits. Also, can claim the interest payment for under construction period.

2)Yes..you have to share the rental income in the same proportion if loan payment.

3)Yes..sure. You can take any number of home loans if you have capacity to repay the loan.

Thanks,
Krishna

July 24th, 2009 at 1:49 am
krishnas said:

HI Rajesh,

Please take the appropriate steps to make your wife as the co-owner. Who is having the original document for the house? I think you will have to talk with your builder about this problem. They will help you to change the owner’s name.

Thanks,
Krishna

July 24th, 2009 at 5:37 am
Jayan said:

Dear sir,

I have a query reg computation of personal income tax on house loan for property puchase.

I have booked an apartment in gurgaon which we expect to get delivery of by end of 2012. Its a bit far away from my place of work (about 25km), hence we plan to let that house on rent and stay in a rented house ourselves closer to where i work.

Now there is a confusion reg the tax rebate on the interest paid on the housing loan.

The CAs in Gurgaon including those that prepare the payroll for my company have advised us that if we live in the same town/city in a rented premises where we also own a house, then the following will be deducted from income for calculation of income tax:

1) 1.50 lacs (interest paid on loan) per annum after getting possession of the flat
2) 1 lac per annum towards principal amount repaid

Against this, we know CAs in Chennai, Bangalore & Kerala who have advised us that even if i stay in a rented house in the same town/city as where i also own a house , the rebates will be :

1) the entire interest paid on loan is deductable (after getting possession of the flat)
2) principal amount same as above

Query 1
We are thoroughly confused as to which of the above is correct as there cant be different rules/practices for different parts of the country.

Query 2
After getting possesion of the house, if we continue to stay on rent, can i continue to claim HRA benefits as i am doing now.

July 25th, 2009 at 2:17 am
Viju Rajan said:

Hi Sir,
I and my wife are Govt employees . I am planning to buy a house by availing a house loan of Rs 22Lakhs from LICHFL for 20 Years tenure . We both are co applicants and co owners of land . How much tax benefits each will get.?

July 27th, 2009 at 5:24 pm
Ashutosh said:

Dear Krishna,

The article is very usefull but still i have ques?.

1)I own house in my native palce in 2005 and my parents are staying there which contains home laon of 11 lacs on which principal and interest tax benefit i am enjoying.

i am in mumbai and staying on rent also enjoying hra exemption.

1)If i repay my first home loan and take new home loan for flat in mumbai can i get tax benefit for principal and interest.

2)If i don’t repay and take another loan how the principal and interest benefit will be calcualted if first home contains less prinicpal and less interest and second home contains more principal and interest.Please clarify on urgent baiss.

July 27th, 2009 at 11:53 pm
krishnas said:

HI Jayan,

In your case the CAs from chennai and bangalore are correct. You can deduct the unlimited interest paid if you let out the property.

If you stay in the rented house no problem in claiming the HRA even if you have the own house and paying the home loans.

Thanks,
Krishna

July 28th, 2009 at 2:26 am
krishnas said:

HI Viju,

Both of you can claim Rs.150000 for interest payment and Rs.100000 for principal payment each.

Thanks,
Krishna

July 28th, 2009 at 4:20 am
Santanu said:

Dear Krishna,

This is a very good article. Couple of q’s:

1) I’m having one flat – self occupied – no loan. Can I buy another flat and get tax benefit from housing loan (assume I purchase possession ready flat, not construction case here)? Is there any section in Income Tax, which disallows getting tax benefit from housing loan for a second flat as I’m already having one flat?

2) Second flat is also self occupied (not rent). How to differentiate between “self occupied” and “vaccent or empty”? Is there any section of Income Tax, which disallows of having two flats as “self occupied” and hence one flat (of my choice) is treated as “deemed to be let out/rent” and you need to consider “annual value (same as deemded rent of that area) – 30% of annual value” as income from property?

3) For self occupied cases, interest benefit is upto 1.5 lac. For rental cases, there is no limit. What about for those cases where it’s “deemed to be let out”?

4) For an under construction case, say, loan was for 5 years – first 2 years were under construction and then next 3 years self occupied(not rent). Annual interest for each year =1.5 lac. Now, first 2 years, no benefit – that’s fine. In the third year, annual interest = 1.5 lac + equated part of first 2 years interest ( 3 lac / 5 years) = 1,50,000 + 60,000 = 2,10,000….but it’s above the limit of Rs. 1.5 lac. What to do in such cases?

Thanks in advance,
Santanu

August 1st, 2009 at 9:36 am
kunal salvi said:

Hi Krishna

I hv following dbts

1. which date to be consider for claiming Hsg. loan Interest deduction u/s 24 whether agreement date or possession date

2. which date to be consider for claiming Hsg. loan Principle deduction u/s 80C whether agreement date or possession date

3. which date to be consider to count holding of house for long term or short term gain ….agt date or possession date

pl. gv reply

August 1st, 2009 at 12:14 pm
Sha said:

Hi,

I would like to know the tax benifit for a house which is registered in both Husband & Wife’s name. Can both be eligible for home loan and what will be tax benifit for each person.

Thanks in advance
Sha

August 5th, 2009 at 1:05 am
ani said:

I HAVE purchase the flat in pune and i am staying in pune but current one is on rent so can i claim both .

August 5th, 2009 at 7:47 am
ananda.hb said:

Dear Sir,

Is there any limit for claiming the Interest on Housing Loan i e My Loan tennure is for 7 years. Can I claim the interest for 7 years, and I have only one house i e also self occupied.

Pls help me

August 7th, 2009 at 6:01 am
Prof.K.C.Arora said:

I got sanctioned Rs. 12 lakh as home loan in October2006. The loan was disbursed in several installments every 2-3 months last being in April 2008. Now for the last one year I am waiting for the last demand of 15% with posession likely in November 2009. For being eligible for deuction of interest upto 150000 on home loan for tax rebate under section 24, by what date tbe construction of house by the builder should be completed. i. It will be three years form 01.04.07, the last day of year in which first disbursement of loan is taken i.e upto 31.03.10 or ii. three years from end of financial year in which last loan disbursement is made ie. 3 years from 01.04.10

August 7th, 2009 at 9:55 am
krishnas said:

HI Ani,

You can claim both the benefits.

Thanks,

August 7th, 2009 at 10:22 pm
krishnas said:

HI ananda,

You can claim for 7 years. But, it is up to the limit specified. You can read this article for more details.

Thanks,
Krishna

August 7th, 2009 at 10:24 pm
krishnas said:

HI Sha,

Yes..both of you can claim the tax benefits based on the proportion in which you are paying the loan. Also you have advantage of getting the more home loans if you both trying jointly.

Thanks,
Krishna

August 7th, 2009 at 10:25 pm
krishnas said:

HI kunal salvi ,

1. It is possession date.

2. Possession date

3. date of registration

Thanks,
Krishna

August 7th, 2009 at 10:28 pm
krishnas said:

HI Santanu,

1) You can buy any number of houses.

2) You can have only one self occupied. It is up to you to decide to show that in the IT return.

3) For let out property there is no limit.

Thanks,
Krishna

August 7th, 2009 at 10:32 pm
Manish said:

Hi,

I am planning to buy a flat on my wife’s name. She is a housewife. Can i avail tax benefit for the same ?

August 11th, 2009 at 9:26 am
krishnas said:

HI Manish,

The property should be in your name or at least you should be a c-owner of the house.

Thanks,
Krishna

August 12th, 2009 at 6:55 pm
Anirban Sarkar said:

Sir,
Thank you for an informative article.
I am confused in my situation what is the applicable rule:
1. I have a property in Jamshedpur where the HL interest is approx. Rs. 90000.
2. I have a tenant for the Jamshedpur property paying Rs. 48000 per annum as rent.
2. I have another flat in Kolkata being built (hence not occupied) where the HL interest is approx. 120000.
3. I am at present paying a rent of Rs.66000 in a rented accomodation in Kolkata.
Please inform how much benefit I can get.
Regards
Anirban

August 17th, 2009 at 2:47 am
krishnas said:

Hello Anirban,

1)You can claim the Rs.90000 interest paid for the Jamshedpur house also you must mention the income from house property(Rs.48000) while filing the IT returns.

2)You can claim the Rs.120000 interest paid for the Kolkata house subject to the maximum of Rs.150000.

3)You can claim the HRA benefits for the rent paid for your accomodations. Read more details about the HRA benefits here:
http://www.thinkplaninvest.com/2009/04/hra-and-tax-benefits/
http://www.thinkplaninvest.com/2009/04/4-rules-you-must-remember-for-hra-exemption/

Thanks,
Krishna

August 17th, 2009 at 6:59 am
Bala said:

Hello,
Thanks for writing this article. It is very informative. I would appreciate if you could answer the following queries of mine.

My wife and I are taking a home loan. The property is getting jointly registered in our names. We are taking a joint loan. The EMI will be equally shared (50:50) by both of us. We plan to live in the house.

1. I gather that, together, our maximum IT exemption will be 1.5 + 1.5 + 1 + 1 = Rs. 5.0 lakhs. Is this correct? (1.5 lakhs towards interest and 1.0 lakhs towards principal, per person).

2. We both are in government service. Will both of us get our individual HRAs?

Thank you

August 21st, 2009 at 5:29 am
krishnas said:

Hello Bala,

Thank you for the comments.

1. You are correct. The total exemption limit will be Rs.5 lacs.

2. There is no problem in claiming the HRA benefits both of you. As per the rules who is paying the rent must claim the HRA. But, it is common that all the companies provide you HRA without any queries.

Do you have any other queries on home loans?

Thanks,
Krishna

August 21st, 2009 at 6:13 am
Rabindra said:

Hi, Can I claim the entire interest paid (e.g. 450000) towards my home loan. Its a two floor house in which I am staying in the ground floor and let out the first floor.
Please let me know can I get the full benifit of the interest paid in the above mentioned scenario. If yes then under which section the deduction will come and what will be the calculation.

August 24th, 2009 at 2:42 am
Vivek said:

My wife and my self are owner of a house in Mumbai. Till 2007 we were living in the house and I was claiming income tax benefit for interest & principal. I am salaried and my wife is house wife. My wife is 1st owner and I am second.

In 2007 we moved out for other job and rented out our house. Since then we are showing all rented income in the name of my wife and also filed her IT return last time with this income.

Will it be possible that my wife takes all rented income and benefit of 30% deduction for house maintenance and I take benefit of the home loan interest in my salary?

Thanks,
Vivek

August 30th, 2009 at 10:16 pm
krishnas said:

Hello Vivek,

It is not possible to seperate the rental income for your wife and interest payment on your IT return. The person who is showing the income from house property has to deduct the 30% and show interest payment on home loans. Otherwise you can share the income and interest payment.

Thanks,
Krishna

August 30th, 2009 at 10:27 pm
Rahul said:

I have a house property in Baroda (taken on loan) which was self-occupied but now given on rent. We are living in Bombay as I am transferred.
I have also taken loan for purchase of flat in Delhi which we have rented out. My wife is sole-owner of flat.

Now I have following questions:
1. For my Delhi Flat for which I am repaying loan from my taxable income (as my wife is house wife), whether I am eligible for interest paid as deduction from rental income? My wife is sole owner of flat however loan is in my name.

2. My Baroda house is in joint name with my mother. Can rental value be divided in equal share among us for showing income under Income Tax?

3. Can I avail the full interest deduction on my Baroda house as I am repaying loan from my taxable income? So in nutshell rental income I am dividing and deduction I want to take for full interest payable.

Thanks a lot for your valuable time..

Regards,
Rahul

September 3rd, 2009 at 4:53 am
krishnas said:

Hello Rahul,

1. You can get the full tax benefits even if the owner is your wife. Because you are paying the loan amount.

2. Yes..both of you can divide the rental income.

3. If you are paying the full amount for that house, then the whole income arise form that house is clubbed with your income. That income cannot be divided with your mother. So, here point 2 is useless.

Thanks,
Krishna

September 3rd, 2009 at 10:06 am
Rahul said:

Thanks for your Info..

However with respect to Delhi Flat I wanted to confirm.. Is it not necessary to be owner/co-owner for claiming deduction u/s 24 of Income Tax Act? Also I am not covered under definition of “deemed owner” as I have not transferred property to my wife. (I have purchased directly in her name).

September 3rd, 2009 at 10:18 am
krishnas said:

Hello Rahul,

I can understand your doubts. From the income tax rules it defines the owner as follows “An individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter, shall be deemed to be the owner of the house property so transferred

But, also I have read in one statement that in special cases like yours the ownership will be considered for the tax purpose. I would advise you to consult some tax persons before taking any decisions.

Thanks,
Krishna

September 3rd, 2009 at 6:08 pm
Maruti said:

Hi,

I am in rented house in mumbai and I have booked the flat in Pune;-

a. Flat cost around 22 Lacks and 50% of the amount I am paying and rest of the amount I am planning for Home Loan
b. Flat is under construction and ready possession as per builder Dec-2010
c. I am planning to take home Loan July – 2010.

Please explain me in details, Could I claim both HRA + Home Loan?

Regards,
Maruti

September 8th, 2009 at 2:20 am
krishnas said:

Hello Maruti,

Thank you for the comments. You can claim both HRA and Home Loans for the year 2010-11. Because you have stayed in the net half of the year and then moved to the own house.

Make sure that builder will complete the construction on time. You will be eligible to claim the tax benefits on home loans only when the construction completed. If the builder completed the construction before March 2011, then you are eligible to claim the entire home loans benefits for the year 2010-11.

Is it your doubts? If you could not understand the process please reply to this comment or we can discuss in phone. I will explain you.

Thanks,
Krishna

September 8th, 2009 at 7:32 pm
Rahul said:

Hi,
i am planning to take a home loan this month.
The builder is giving possession in Feb’2010.

I would like to know when the EMI will start. Immediately or after the possession ?

September 14th, 2009 at 3:20 am
krishnas said:

Hello Rahul,

It depends on the agreement with the banker. It is nothing to do with the possession. In many cases the EMI will start once the loan is approved and builder started the construction.

Thanks,
Krishna

September 14th, 2009 at 4:09 am
Vishal said:

Myself and my wife have taken the home loan. We have paid Rs. 200000/- as pre- emi amount. As per law we can claim it in 5 equal installments i.e. 20% every year.

My query is can we both claim 20% each or we need to divide the amount.

September 14th, 2009 at 7:45 pm
krishnas said:

Hello Vishal,

The total interest amount will be divided and you both can claim in 5 installments. That means each can claim 10% only. I hope this clears your doubts.

Thanks,
Krishna

September 15th, 2009 at 2:24 am
Vishal said:

Myself and my wife have taken the home loan. We have paid Rs. 200000/- as pre- emi amount. As per law we can claim it in 5 equal installments i.e. 20% every year.

My query is can we both claim 20% each or we need to divide the amount.

Secondly, We need to show the amount to our employer or we need to claim 20% from Imcome Tax Department.

September 15th, 2009 at 2:30 am
krishnas said:

You need to divide the amount. If your employer is issuing the Form 16, you can declare in your company itself. Is it your doubts?

September 15th, 2009 at 2:39 am
Rohit Jain said:

My query:Currently i am living in Mumbai suburbs on rented house. I would like to invest in Thane district like Meira road & having plan to invest one house each year for consecutive 3 years. Property could be built or in construction.I would like to remain stay at suburbs for these years. Built property could be given on rent.My wife does not work.

Can i take multiple loans?
How my tax planning benefit schedules for given period and as per investment plan?

Please support me.

Regards

September 16th, 2009 at 2:29 am
Ahu said:

I have bought a house on my husband’s name and I am joint holder.We have taken a joint loan as well. We plan to rent the house next yr and in case I stop working will it be benificial to have the house in my name as primary so that we can save tax? Also what are the privileges that are applicable only to the primary holder which are not to the joint holder.

September 16th, 2009 at 4:53 am
krishnas said:

Hello Ahu,

If you are the primary house owner then income from that house will be yours. But, you have to pay the loan. Incase your husband is repaying the loan, all the benefits arising from that house will be his income. There is no such benefits. It is better in the Joint name only.

Thanks,
Krishna

September 16th, 2009 at 6:44 pm
krishnas said:

Hello Rohit,

1. Getting the multiple loans that depends on your capacity. Even you can take 10 home loans if you are capable to pay the EMI for all the loans. That is not the issue.

2. You can claim the tax benefits only when the construction of the house is completed.

3. Maximum only one house will be self occupied. rest of the house will be considered as rented out and you have to show the rental income. For the rented property there is no maximum limit for the interest paid on housing loans.

4. This articles will give you very good idea about the house property:
http://www.thinkplaninvest.com/2009/08/income-from-house-property/
http://www.thinkplaninvest.com/2009/08/how-to-adjust-loss-from-house-property/

Thanks,
Krishna

September 16th, 2009 at 7:35 pm
Sharash said:

Land is in my wifes name and she is applicant and i am co-applicant and I am paying the full EMI. She is not caliming this tax benifit. in this case will be eligible to take the tax benifit.

September 18th, 2009 at 3:38 am
Sharash said:

Land is in my wifes name and she is applicant and i am co-applicant for construction loan and I am paying the full EMI. She is not caliming this tax benifit. in this case will be eligible to take the tax benifit.

September 18th, 2009 at 4:08 am
Surya said:

hi krishnas, the information provided by you are very useful and I am highly thankful for the same.

September 23rd, 2009 at 12:23 am
Rahul said:

which is good bank providing home loans in bangalore ?

September 25th, 2009 at 6:04 am
Balaji said:

Hi,

We have two houses on joint names and on one of the houses I pay the Home Loan Installments of Rs. 4,56,000 (4,00,000 in Interest and 56,000 in Principal) . I receive a rent of Rs1,92,000/- per Year, but the Income Tax is Deducted at Source by the tenant company. How do I calculate the tax deductible towards my income tax?

Thanks in advance

October 5th, 2009 at 4:03 am
Raj said:

Hi,

From April 2011, it seems that there is no IT deduction for home loans (interest + principal).. So is it a better option to buy a house now (as it would serve only 1 year of tax benefits?)

pls, advice
raj

October 20th, 2009 at 2:09 am
krishnas said:

Hello Raj,

You are talking about the direct tax code. It is not yet approved by all the people. We cannot say anything as of now. Just wait and see.

Thanks,
Krishna

October 20th, 2009 at 2:49 am
kgirish said:

Hi krishna,
If I have a 2 storeyed house and I rent the ground floor and I stay on the first floor, Can I claim the Full interest on homeloan as exemption?

November 9th, 2009 at 11:55 pm
krishnas said:

Hello Kgirish,

Since you have rented out part of your house, you have to declare ‘Income from House Property’:

The interest payable on a home loan is not directly deductible from your salary income (or for that matter from your business income).

What actually happens is that a calculation of “Income from House Property”, in Schedule HP, is made for each property you own. If such a calculation results in a loss, it is allowed to be set off against your income from other heads.

Rental Income
Less Standard Deduction @ 30% of Rental Income
Less Taxes paid to municipality.
Less deduction u/s 24(b) Interest paid on housing loan.
————————————–…
= ‘Income from House Property’

Thanks,
Krishna

November 10th, 2009 at 3:13 am
Kshitij said:

Hi Krishna,
I want to go for a home loan of amount 6-7 lacs now with spanning for 3 years. And I may apply for second home loan of around 20 lacs after 2-3 years.
Can I get tax benefit for both the loans? Are there any conditions? Tax benefit will be only on interest or principal too?
Please clarify.

Thanks in advance
Kshitij

November 10th, 2009 at 10:30 pm
krishnas said:

Hello Kshitij,

You will get tax benefits only when the home is constructed and you took the possession. While construction going on, the money paid on the principal amount can not be claimed. Interest payment can be claimed in the five equal installments.

I hope this clears your doubts.

Thanks,
Krishna

November 10th, 2009 at 11:10 pm
Kshitij said:

Thanks Krishna for the reply.
Actually I would also like to know, is there any restriction for the tax benefit on the number of home loans you take, like on first loan you get rebate and for second you won’t.
Two home loans I talked are for 2 houses at 2 different cities, and moreover we are looking for fully constructed house ready to take possession.

November 11th, 2009 at 2:52 am
krishnas said:

Hello Kshitij,

There is no restrictions on the number of houses. One house can be the shown as the self occupied. For that Rs.100000 principal and Rs.150000 interest payment as the tax exemption. Remaining houses you will have to show the rental income (even you have not rented out). There is no limit for the interest payment on rented house. For example, you paid Rs.500000 interest on the three houses, entire amount can be deducted from your total income. I hope this clears your doubts.

Thanks,
Krishna

November 11th, 2009 at 3:15 am
ahri said:

i am staying in a office quarters and full HRA is deducting.i booked a flat in 2008 and constrction is going on . i took loan and paying EMI.
At the same time i am constructing a house(constrction is going on) in another city were i took another loan and for that also paying EMI.
now i want to stay in quarters and what is your suggestion to get IT benift in both the houses?. which is benfit whether i have to self ocuupy the house or let out?

November 13th, 2009 at 4:46 am
krishnas said:

Hello Ahri,

You can get the tax benefit only when the construction is completed. You can stay in one house and let out another property.

Thanks,
Krishna

November 13th, 2009 at 5:17 am
ahmed said:

Hi,
I have taken home loan and the ownership of the house is in my wife’s name. But entire house loan is being paid by me. Am I eligible for tax benefit.
Thanks
Ahmed ali

November 16th, 2009 at 10:04 pm
krishnas said:

Hello Ahmed,

No. You cannot claim the tax benefits, because the house is not in your name.

Thanks,
Krishna

November 17th, 2009 at 11:09 pm
Amit said:

Hi,

I have seen the article where it is mentioned to get benefits of home loan and HRA simultaneously.
I have self owned house property in Mumbai. I am paying home loan for the same. For some reasons, I am staying in other rented property in Mumbai and paying rent to the owner. (Both owned house property and rented home are in same city, Mumbai)
In this case, can I get income tax deduction for home loan (principal amount under section 80C + interest under minus income from house property) as well as annual amount of rent paid under HRA exemption – section 10 (13A).

Regards
Amit

November 21st, 2009 at 2:26 am
Amit said:

I have seen the article where it is mentioned to get benefits of home loan and HRA simultaneously.
I have self owned house property in Mumbai. I am paying home loan for the same. For some reasons, I am staying in other rented property in Mumbai and paying rent to the owner. (Both owned house property and rented home are in same city, Mumbai)
In this case, can I get income tax deduction for home loan (principal amount under section 80C + interest under minus income from house property) as well as annual amount of rent paid under HRA exemption – section 10 (13A).

Regards
Amit

November 21st, 2009 at 2:27 am
krishnas said:

Hello Amit,

You can get the HRA + home loans deduction. You have provide the valid reason to stay in the rented property.

Thanks,
Krishna

November 21st, 2009 at 8:18 am
Amit said:

Thanks Krishna,

Do you mean to say that while filing income tax return, I have to mention this reason in the form. Is it mandatory.

Regards
Amit

November 23rd, 2009 at 1:22 am
krishnas said:

Hello Amit,

If they ask, you have to provide the valid reason for staying in the rented house.

Thanks,
Krishna

November 23rd, 2009 at 1:49 am
Amit said:

Hi Krishna,

Thanks again. Just 1 last query. Do I have to show notional rent as income for my own house. (even though it is not given for rent and my parents are staying there).

For rented house in which I am staying currently, rent is less and for my own house, rent will be more as per market. The difference between 2 is approx double. So if I am showing notional rent as income which I am not getting actually, it will be loss for me. So in this case I think I will get benefit of either home loan or HRA. Is it true.

Regards
Amit

November 23rd, 2009 at 3:45 am
krishnas said:

Hello Amit,

Here I am summarizing the points.

1. If you have one or more houses, you have to show only one as the self occupied, for that no need to show any rental income.
2. Other houses, even if you or your parents are staying, you have to show the rental income .
3. For the house which you are getting the rental income, there is no limit for the exemption on interest paid for home loans. However, if you are not let out the property, it will be loss.

Thanks,
Krishna

November 23rd, 2009 at 4:04 am
Amit said:

Hi Krishna,

Thanks so much for your help in this. Can I breif as follows.

I have only one house as the self occupied. So no need to show any notional rental income. I can get tax exemption for principal amount as well as interest for this.

I can get HRA exemption for the house in which I am staying on rent.The only thing is I have to show valid reason if asked as both are in same city.

Regards
Amit

November 23rd, 2009 at 5:07 am
krishnas said:

Hello Amit,

You are correct!!!
Thank you for asking the doubts. If you have any doubts please post it here.
I will try my best to answer all your queries.

Thanks,
Krishna

November 23rd, 2009 at 5:26 am
sajal said:

Hello Krishna,

Nice article on this home loans.

My father is paying loan for our house. So can myself get exemption on that.. if I show that I m paying the EMIs. If not, I m planning to take another loan, and want to close the loan currently going on.

Between what banks are considered valid for the home loans exemption? My father’s loan is in Co-Operative Sahakari Bank, is that matters?

Thanks,
Sajal

November 23rd, 2009 at 10:36 am
krishnas said:

Hello sajal,

To avail the home loans exemption, the loan and house must be in your name. Otherwise you cannot claim any tax exemption. It can be done with any banks.

Thanks,
Krishna

November 23rd, 2009 at 5:15 pm
sajal said:

Thanks Krishna.

November 25th, 2009 at 11:03 am
Manoj Prasad said:

Hi,
I have booked one Flat in Gurgaon. The flat is under construction. Have taken the home loan of 20 Lac from LIC. 1st desbursement of 5 lac from the bank has been done. I am paying the EMI as per 20 Lac ( ie; Rs 17866/ month). My queries are-

1. Is the option correct to pay EMI right from beginning while disbursement is only 5 las as of now or the preEMI option is better.
2. Can I get the Income tax rebate on the principle amount/ Interest amount which I am paying. Please clarify.

November 27th, 2009 at 4:41 am
krishnas said:

Hello Manoj,

If you are looking for the tax exemption, paying pre-EMI is the better option. Because, you can not claim the principal repayment while under construction. Otherwise it is OK to continue.

Thanks,
Krishna

November 28th, 2009 at 6:17 pm
krishnas said:

Manoj,

Also, the tax exemption can be done only after the construction is completed.

Thanks,
Krishna

November 28th, 2009 at 6:18 pm
Sachin said:

Hi Krishna,

I have the following queries
1. I am currently staying in my own house and enjoying tax benefits of 1.5+1 lacs.
2. I am buying another house which would take about 3 years to complete.
My questions are
1. Do we get any tax benefit on the pre-emis i would pay for the second home. Is it under the total exemption limit of 1.5.
2. i plan to make the home as a weekend home. what are the bills i can show to the IT authorities to show this as a self occupied property in addition to the one where i am staying right now.

thanls

December 1st, 2009 at 12:20 pm
Kiran said:

Hi Krishna,
Thanks for such a informative website. This resolved many of my doubts.
I have following Query.
I have a possession of my house in Feb, 2010 as told by builder and the same is mentioned Home Loan aggrement; but the possession date may postpone to May 2010. My question is that can have tax benift on interest paid and Stamp Duty/Registration chanrges in this financial year (2009) as the possession date mentioned in the aggrement is Feb 2009?
Or will it fall to next financial year.

And also what proof should I submit to show the interest/prinicipal paid? (FYI – I transefer the money through interent banking)

Thanks,
Kiran

December 2nd, 2009 at 8:01 am
Vijay said:

Dear Krishna, Information provided by you is very helpfull. I have one query. You mentioned that person can have more than one property as self residence. I own a flat in Mumbai. I am planning purchase another flat in Pune. I don’t want to rent Pune flat. I want to use it for week ends. I will be paying out goings of both the flats (electrivity bills, maintenance charges etc). In this case do I have to pay tax on notional rent for Pune flat? Request your opinion.

December 2nd, 2009 at 10:02 am
krishnas said:

Hello Vijay,

That is mistake. I have updated the post. However If you have the two houses vacant, then also you can show only one house as the self occupied. You can refer here:
http://www.incometaxindia.gov.in/Acts/INCOME%20TAX%20ACT/23.asp

Thanks,
Krishna

December 2nd, 2009 at 7:11 pm
krishnas said:

Hello Kiran,

Thank you for the comments.
You have to consider when the actual possession is taken. Till that time you can not claim the income tax benefits. You have to get the loan repayment certificate from your bank. Every year they will issue the certificate. You need to submit those certificates to claim the tax deduction. Need not show the proof for transferring money from banks.

Hope this clears your doubts.

Thanks,
Krishna

December 2nd, 2009 at 7:15 pm
krishnas said:

Hello Sachin,

Thank you for the comments. You can get the tax exemption for pre-EMI only after the construction is completed. 1.5 lacs limit is for the house which you are self occupied. Any other house, there is no limit on the interest repayment on home loans.

If you have any doubts, please reply me.

Thanks,
Krishna

December 2nd, 2009 at 8:09 pm
Kiran said:

Hi Krishna,
Thanks for the promt reply.
But I do have a doubt here. Can I claim the Stamp Duty/Registration fees which is already paid in this financial year though the construction will be complete in the next year.

Regards,
Kiran

December 2nd, 2009 at 10:24 pm
krishnas said:

Hello Kiran,

Stamp Duty and Registration Fees also included in the home loans amount. That can be claimed as the tax deduction.

Thanks,
Krishna

December 2nd, 2009 at 10:50 pm
Santosh Agarwal said:

Hi Krishna,
Nice article. can you please answer my query regarding home loan?
I have taken a home loan where the house is registered in the name of my wife. i mean she is the owner of the house and the loan is in the name of me and my wife. she is house wife. pls let me know can i claim the housing loan interest? if yes, are there any implications if someday scrutiny comes?

December 4th, 2009 at 1:45 am
krishnas said:

Hello Santosh,

You must be the owner of the house to claim the Income Tax benefits.

Thanks,
Krishna

December 4th, 2009 at 7:44 pm
sandeep kumar bansal said:

hi krisansji
i want to know that i have a property on the name of my wife. i have purchased it throuh house loan as applicant and she is coapplicant. can i claim for I T benifits on it

December 12th, 2009 at 9:20 am
rekha said:

Hi,

I am my husband have taken a loan jointly and purchased a readymade flat in co-owner basis. However, I am paying the full EMI and my husband is not contributing towards the EMI. As I am paying wholly towards the EMI, can I claim the full tax benefits i.e. Rs.1,00,000 towards principal and Rs.1,50,000/- towards interest. We are occuping the purchased flat.

December 14th, 2009 at 2:34 am
neha said:

Hi,

I and my husband have taken a loan jointly and purchased a underconstruction flat in co-owner basis in october. The flat will be ready in march. My husband is paying the full EMI. We are staying in rented flat with 8500 is the rent. The stamp duty reg costs us 2,10,000 rs.

Would you please explain how we both can take benefit from income tax for stamp duty reg, home loan interest and principal amount as well as HRA.

Thanks in advance.

December 14th, 2009 at 4:22 am
SM said:

Hi.

I have a question. Is it true that if I incur a loss on my house property (i.e my interest payments are more than the rental received), then that loss can be set off against my income from salary?

Thank you

December 15th, 2009 at 12:44 am
Atul said:

Hi,
I have owned house, I am paying loan EMI for this house also getting the tax benifit on principle and interest. Now i am planning to buy a new flat which is under construction. My question is can i get the tax benifit on the second home. Can I claim the stamp duty and registration fees of second home for tax benefit. I will get possession of second home in december 2010.
Another question is can i claim property tax of existing house for tax benefit, if yes under which section i can claim it.

Please answer the above question

Thanks & regards,

Atul

December 15th, 2009 at 1:32 am
shikha said:

Hi Krishna,

Thanks for helping us.I have a query too.

My parents are working and both of them have taken a loan jointly on their names for the acquisition of a house.
The house in only on the name of my mother. However both the principal and interest payments are given by my father.

My question is since my mother is government employee having a higher income tax and is interested to claim the entire interest payment as rebate only on her return. Is it possible to do so?

if yes what are the steps or proofs required by her at the time of filing the return while claiming the rebate?

Please help!!

December 17th, 2009 at 10:56 am
Yamini said:

Thanks Krishna,
I am highly thankful to you for clearing many doubts. I would need your assistance for my query. I have my flat at Kolkata and its been given on rent and I get 48000/- as rent. I pay interest Rs 60,000 as a interest and 50,000 as a principal for the same flat.

Currently I reside at Delhi and paying Rs 12,000 as a monthly rent.

I have purchased flat at Noida and paying all amount as a downpayment. This flat is under construction and possession will happen in Dec 2012. I took loan of Rs 21 lac and will pay 18000 as emi right now. Approximately I will pay 1.7 lac as a interest and 50,000 as a principal.

Could you please guide me that can I get complete exemption on the interest amount on second flat from right now ?

Many thanks in advance.

December 19th, 2009 at 2:10 am
shirish nagchandi said:

pl give reply to following :

1 a person has availed loan jointly with his wife, first name is of his wife, the loan is being paid by the person,can he claim whole interest rebate from his income.

2 A person availed loan from our office in 1994 and did not claimed any rebate towards Housing loan interest, now suddenly he has paid the whole loan alongwith interest and claiming interest rebate in the current year. the interest paid by him is for the period 1994 to 2008.pl clarify.

December 23rd, 2009 at 3:04 am
MA said:

I have bought a flat using home loan and is under construction? I have paid some amout towards Principal as well and paying pre-EMIs as well. Can i claim tax benefit on any of these? Pls reply.

December 23rd, 2009 at 4:48 am
krishnas said:

Hello MA,

You can claim pre-EMI part. That too only after the construction is completed. Principla part can not be claimed.

Thanks,
Krishna

December 25th, 2009 at 9:10 am
krishnas said:

Hello shirish,

1. Yes. the person can claim the whole tax rebate.

2. your second question is not clear.

Thanks,
Krishna

December 25th, 2009 at 9:13 am
MA said:

Thanks Krishna for the reply.

The interior construction of my flat is done only the exterior of the building like parking area,stairs,lift,paint..etc is left and is going on. cannot claim the exemption on EMI as Bank statement will show it as Pre-EMI only till complete building is done and full amount has released by them. Can i show a letter from Builder as flat construction completed and claim only the extra payment i made towards principal amount? Please reply. Thank you once again.

December 27th, 2009 at 1:38 am
Varun said:

Hi,

My wife and I have taken joint home loan. We both works in separate organization. The Provisional certificate issued by my bank lists the total principal and interest paid jointly by us. So, although provisional certificate will contain full amount, I’ll just be claiming half of it (leaving my wife claim remaining half of it).

My question is if my wife and I want to divide benefit in 50% each, should there be any undertaking about the same, or shall I just go ahead and claim only 50% of principal and 50% of total interest?

Thanks.

Regards
Varun

December 28th, 2009 at 12:42 am
Atul said:

Hi Krishna,

I am regularly reading your articles. These both articles are very useful in case of second house. I have recently purchased second flat in Pune. Please let me know can I claim the stamp duty & registration charges of second flat for tax exemption this year bcoz i will get possession of the flat next year only. I have not claimed stamp duty & registration of first flat tax exemption.

Also please suggest can i claim property tax for exemption.

regards,

Atul

December 28th, 2009 at 1:15 am
Atul said:

Hi Krishna,

I am regularly reading your articles. These both articles are very useful in case of second house. I have recently purchased second flat in Pune. Please let me know can I claim the stamp duty & registration charges of second flat for tax exemption this year bcoz i will get possession of the flat next year only. I have not claimed stamp duty & registration of first flat tax exemption.

regards,

Atul

December 28th, 2009 at 1:16 am
krishnas said:

Hello Atul,

Unfortunately, you can not claim this if you take the possession by next year.

Stamp duty and registration charges can be deducted from your income u/s 80C only if you get the possession of the house in the year in which you paid the stamp duty and registration.

Thanks,
Krishna

December 28th, 2009 at 1:21 am
Tushar said:

I took possession of property in June 2009 and claiming tax benefit for the first time. I have paid around 50,000 as pre-emi.

Can I claim subsidy of interest on (1,50,000 + 1/5 of pre-emi) or total cap is 1,50,000 including pre-emi ?

December 30th, 2009 at 6:39 am
sarfaraz said:

hi,

Need clarification on below:
i) My brother & I have purchase a flat.In agreement, his name is first & mine is second
ii) Stamp duty & registration has been paid in July’09 by DD. And receipts are available as well
iii) We have not taken a home loan for purchase

Question is:
i) Can i claim exemption under section 80 c for stamp duty & registration for 09-10 assessment? My brother wont be claiming any exemption
ii) Apart from submitting of agreement copy + registration receipts – is there any other documentation reqd to be submitted for claim?

Kindly clarify

January 1st, 2010 at 8:57 pm
vinod said:

I have purchased a flat in Mumbai with my wife as co-owner .I have only taken loan from a bank. My wife is house wife.I have rented the flat. Whether the rental income will be divided for calculating the income tax.

January 3rd, 2010 at 12:10 am
utkarsh said:

Hi,

I have taken Joint home loan and home with my mother. (both are co-owners)
Last year I took 100% tax benefit on home loan.
Can my mother take 100% tax benefit this year on same home loan ?
And is it ok to shift home loan tax beneficiery every year ?

Thanks
Utkarsh

January 4th, 2010 at 9:59 am
karru sudhakar said:

I have taken house in my wife name and i am paying EMI from my salary , she is a house wife and no income with her .
will i get tax benifit

January 4th, 2010 at 11:00 pm
saravanan said:

Hi Krishna,
If home loan on joint property ( husband and wife ) and interest amount for the paticular FY is morethan 325000/- in that case can both avail max limit u/s 24 , 1,50,000/- each?

and if principal amount is 40000/- then 20000/- each can avail?
please clarify..

Thanks
Saravanan

January 5th, 2010 at 8:07 am
Kesava said:

Hi :

I have occupied the house in October. So i have payed Pre-EMI til September and EMI from October. Now how is the Pre-EMI from Mar-Oct of this financial year claimed ? Is it in 5 equal instalments ? or the entire Pre-EMI amount for the current financial year can be claimed this year itself ? Please help.

-Kesava

January 5th, 2010 at 6:14 pm
shankar said:

My uncle has availed tax benefit for the first house , can he get tax exemption for second house newly constructed

January 6th, 2010 at 10:34 pm
krishnas said:

Hello Shankar,

Yes. you can avail the tax benefits for the any number of house. But, the rules will be different for the second house. Read this article for more details:http://www.thinkplaninvest.com/2009/08/income-from-house-property/

Thanks,
Krishna

January 6th, 2010 at 10:54 pm
arunesh said:

Sir,

I booked house in May 09 and registration of the house was done in Oct 09. Project is under construction and will be completed by Dec 10.
Can I avail the tax exemption under section 80C on the amount paid as registration adn stamp duty for the fiscal year 2009-10?

January 7th, 2010 at 12:14 am
Edmond said:

Hi i have a query regards home loan tax benefit. I and my brother have taken two flats 501 amd 502 which is now joint and a single door is there for the flat. The properties our on our individual names. But in the loan for 502 ie my brother flat i am the co applicant. I have started repaying the home loans for both the flats now. Will i be eligible to claim the home loan tax benefit for both the flats. My brother wont be claiming in his IT returns.
Thanks
Edmond

January 7th, 2010 at 3:13 am
krishnas said:

Hello Edmond,

To claim the tax benefit, the home must be in your name.

Thanks,
Krishna

January 7th, 2010 at 5:06 am
Niranjan said:

Hi Krishna

Thanks for the article and the several clarifications.

I bought a house in March 09 but occupied the house only in the second half of the year. Will the limit of 1.5 lakhs be applicable to me this year or would the whole interest component be deducted from taxable income?

Please guide

Thanks in advance

January 7th, 2010 at 6:06 am
sarfaraz said:

hi krishna,

Had a clarification which wasnt resolved :
i) My brother & I have purchase a flat.In agreement, his name is first & mine is second
ii) Stamp duty & registration has been paid in July’09 by DD. And receipts are available as well. However the stamp bears my brothers name
iii) We have not taken a home loan for purchase

Question is:
i) Can i claim exemption under section 80 c for stamp duty & registration for 09-10 assessment? My brother wont be claiming any exemption
ii) Apart from submitting of agreement copy + registration receipts – is there any other documentation reqd to be submitted for claim?

thks….sarfaraz

January 7th, 2010 at 8:22 pm
Edmond said:

Hi Krishna
But what if i am the co applicant for the loan ie in short i am the co owner of the flat. Will there be no way for me to claim the benefits for the 502 flat loan repayments. I and my brother can make joint signed statement that the 2 flats are joined with a single door and that i am the co-applicant for the loan & he would not be claiming the same in his tax returns.
Should i try to claiming it in my personal IT returns.

Thanks
Edmond

January 7th, 2010 at 9:10 pm
krishnas said:

Hello sarfaraz,

Normally stamp duty will be added in the loan amount. So, you can claim in the principal amount.
If you want to claim, the home must be in your name.

Thanks,
Krishna

January 9th, 2010 at 9:49 am
krishnas said:

Hello Niranjan,

you can claim the tax benefit for the FY 2009-10.

Thanks,
Krishna

January 9th, 2010 at 9:51 am
Karun said:

I have an unoccupied house in Gurgaon, Nirvana Country. How does one compute the Notional Rent on this for tax purposes. What is the proof that the notional rent computed by me is what it should be. Also does on have to pay some Service Tax on this notional rent?

Thanks,

Karun.

January 10th, 2010 at 8:53 am
Amit said:

Hi Krishna,

Earlier we discussed that it is allowed to get tax exemption for home loan and HRA simultaneously.

I have self owned house property in Mumbai. I am paying home loan for the same. For some reasons, I am staying in other rented property in Mumbai and paying rent to the owner. Both owned house property and rented home are in same city, Mumbai.

In this case, you told that I can get income tax exemption for home loan (principal amount under section 80C + interest under minus income from house property) as well as HRA exemption – section 10 (13A) for the house in which I am staying on rent

I informed this to my finance person in office. He told me that it is not allowed since both owned house with home loan and house in which I am staying on rent are in same city-Mumbai. This is allowed if these are in 2 different cities. He told me to provide any mail with section no and rules which states that this is allowed. Is there anything mentioned under 10(13A) that this is allowed.

Regards
Amit

January 11th, 2010 at 5:17 am
Sonu said:

Hi,
I would like to purchase a flat jountly with my brother, is it possible for both of us to get the tax benefit.

January 11th, 2010 at 11:16 pm
krishnas said:

Hello Sonu,

Yes. both of you can show the tax benefits.

Thanks,
Krishna

January 12th, 2010 at 12:32 am
krishnas said:

Hello Amit,

It is mentioned as if there is only in the special case. If your financial person not agrees with you, you may not
show both the things.

Thanks,
Krishna

January 12th, 2010 at 1:22 am
Vishal said:

I have purchased a home in Bangalore and I am paying full EMI to the bank. However, my property is not registered yet .
Can I claim Tax benefit on Principal and Interest payments for this financial year ?

January 12th, 2010 at 1:23 am
Vishal said:

Hi,

I have purchased the house in Bangalore and I am paying full EMI to the bank from day1 . My property is still not registered can I claim Income Tax benefit on Principal and Interest Amount for this Financial Year.

Vishal

January 12th, 2010 at 1:26 am
krishnas said:

Hello Karun,

You can show your neighbor house rent. It is up to you to decide the rent.

Thanks,
Krishna

January 12th, 2010 at 1:28 am
Hardeep Singh said:

Hi

I would like to know two things

Me and my wife are co-owners of our house in the ratio of 75:25. However the bank loan stands in my name:

1. Can I claim entire rebate of Rs.150000 since I have made the entire repayment ?

2. In case my wife shares the repayment, though she is not income tax payee, can I still claim the entire benefit?

Please enlighten

January 12th, 2010 at 4:29 am
krishnas said:

Hello Hardeep Singh,

1. You can claim the entire tax benefits if you are repaying the entire loan amount.
2. If your wife is paying, you can not claim the benefits.

Thanks,
Krishna

January 12th, 2010 at 4:40 am
Hardeep Singh said:

Thx Sir, but I still have a doubt:

If Interest charged by the bank during current financial works out to Rs.1,63,000 and total repayment works out to Rs.325000 of which my spouse has paid Rs.35000 (she is not an income tax payee), can I claim entire rebate w.r.t. interest part i.e. Rs.150000.

January 12th, 2010 at 4:57 am
krishnas said:

Hello Hardeep Singh,

You can claim how much you have paid. It will be mentioned in the payment certificate issued by the banks.

Thanks,
Krishna

January 12th, 2010 at 5:27 am
nagaraju said:

Read though most of the comments but mine is still different.

booked a flat in 2006. got possession from the builder in Nov 2009 and not yet registered. presently vacant for carpentry work. Can i claim home loan exemptions on it?

January 12th, 2010 at 11:44 am
krishnas said:

Hello nagaraju ,

Did you get the possession certificate?. If yes, you can claim the tax benefits from that date itself.

Thanks,
Krishna

January 12th, 2010 at 5:32 pm
krishnas said:

Hello Vishal,

Thank you for the comments. You can claim the tax benefits only in which year you take the possession of the house.

Thanks,
Krishna

January 12th, 2010 at 5:41 pm
deb said:

hi

sorry i may be asking this again…here is my scenario

Flat booked in July09
Co-owner – 50:50 – self & spouse
Loan – 50:50 – Self & spouse
chqs – from my account
FY 2009-10 – interest amt -Rs 105k
FY 200-10 – principle amt – Rs 76k

the flat possession – due in Feb’10. but i need to submit documents to office by 25th Jan.

So can i claim the interest & principle benefits?
Also, can we both claim?
Say i would claim the total interest part and 42k of principle.
and my wife could claim principle of Rs 34k?
is it ok?

January 15th, 2010 at 7:52 am
Vishal Maru said:

I have taken loan for buying two houses, One at Indore, second house at Mumbai. My place of work is Mumbai and I stay at Mumbai house. My queries are :

a. How can I avail the exemption of interest on the second house?
b. Can I treat Indore Property as Self occupied for interest exemption on the second house in Mumbai?
c. Can I continue to avail HRA benefits?

Regards

Vishal

January 18th, 2010 at 9:33 am
Ajit Somaiya said:

Dear Krishna,

I have a housing loan for house purchased in Mumbai in 2001. I’ve been claiming housing loan benefit for this house.

In Dec 2009, I got possession of a new house in Bangalore. My questions are mentioned below:
1. Notional rent will be calculated starting from Dec 2009, right?
2. Is there any govt rule to decide notional rent or I can decide it myself?
3. Cap of 1.50 lacs for claiming interest benefit applicable for loan this house as well?
4. Is there any cap on claiming interes benefit for prior period other than claiming it in 5 equal installments?

Thanks in advance for your reply.

Best Regards,
Ajit

January 18th, 2010 at 11:17 pm
Dashrath said:

Here is my scenario

I and my wife have booked a flat in Kurla – Mumbai. The possession of the flat would be in Jan 2012.

I would be paying the stamp duty /registration fees (Rs.2lacs) – next week, Can we both claim the tax benefit under section 80c in the current financial year 2009-2010.

Also i will be applying for the loan . Is it compulsry that loan is taken to claim the benefit of the stamp duty / registratiuon

Regards
Dashrath

January 19th, 2010 at 5:41 am
Dashrath said:

Hi,

Also kindly let me know that do we (Me and my Wife ) need to pay the amount of stamp duty / Registration fees seperately form different savings accout so as to claim the tax benefit.

Is it possible to pay the amount from my savings account and the benefit be claimed by both me and my wife. The flat will be registered in the name of both me and my wife. 1st name – myself 2nd name wife.

Regards,
Dashrath

January 19th, 2010 at 6:13 am
Setu said:

I had purchased a flat by taking a loan. It was under construction at that time. After few months I received the possession. Due to unfortunate circumstances, I had to sell the flat off. All this happened in the same financial year. Will I be eligible for any tax benefit? – on the interest paid before possession or after possession?

January 19th, 2010 at 6:33 am
Raj said:

Dear Krishna
I have house on loan in Bangalore, I work in Mumbai. currently i am availing loan interest tax exemption of 1 Lac on bangalore house.My question is that, once i pay off full loan of first house i.e. bangalore house.. if I buy second house on loan. Will I be able to claim tax benifit on interest on second house ? if yes how ?
And like this , is there any limit on what is the max no of loans/house one can avail interest tax benifits of 1.5L ? thanks in advance for this nice way to help people. god bless you

January 19th, 2010 at 7:28 am
krishnas said:

Hello Raj,

There is no limit on the number of house or loans. But, the limit on the amount. For that, if you read our articles about the home loans, will understand better.

Thanks,
Krishna

January 19th, 2010 at 7:40 pm
krishnas said:

Setu,

You can claim the tax for the interest paid before and after possession.

Thanks,
Krishna

January 19th, 2010 at 7:41 pm
krishnas said:

Dashrath,

If the stamp duty and registeration charges are included in the home loans, then only you can claim.

Thanks,
Krishna

January 19th, 2010 at 7:42 pm
krishnas said:

Hello Ajit,

1. Yes.
2. there is no specific rule.
3. there is no limit on the interest paid.
4. no

Thanks,
Krishna

January 19th, 2010 at 7:44 pm
krishnas said:

Vishal Maru,

1. There is no limit on the interest exemption for second house. You have to show the notional rental income.

2. If you are staying in the mumbai house, you have to show that as the self occupied.

3. No. If you are staying in the own house, can not avail the HRA exemption.

Note: I assumed both the houses construction is completed and took the possession. Otherwise rules are differenet. Reply for the further query on home loans.

Thanks,
Krishna

January 19th, 2010 at 11:15 pm
krishnas said:

Hello Dashrath,

Onemore point, you can not claim if the stamp duty and charges not paod on the year when you took the possession.

Thanks,
Krishna

January 19th, 2010 at 11:22 pm
Vishal said:

Hi
I have purchased a house and the coowner of the house is my wife.
We both have taken a joint loan.

Will both of we get the tax benefit and can both of us apply for it.

Thanks
Vishal

January 20th, 2010 at 1:13 am
krishnas said:

Hello Vishal ,

Yes. you both can claim the tax benefits.

Thanks,
Krishna

January 20th, 2010 at 3:07 am
Vishal said:

Hi
Thanks for your answer.
I was submitting the proof in my company and for the home loan they told me to get the signature of my wife on a document that she was not availing any tax benefit on the home loan.

Any Suggestions would help.

Thanks

January 20th, 2010 at 4:10 am
krishnas said:

Hello Vishal,

You can do what they said. Becos they need proof.

Thanks,
Krishna

January 20th, 2010 at 6:27 am
Dinesh Shetty said:

Hi,

I had booked a flat in 2007 and my father loaned me 5,00,000/- for the same @ 10% interest for 10 years. We got it documented on a stamp paper of 100 RS/-. Every year I pay back to my dad the following amount.
Principal :- 50,000/-
Intrest : – 5,000/-
Can i claim rebate on the above amount (section 24(2)- intrest and section 80C – principal?? Kindly advise

I got possession of my house in May 2009. My dad would be showing the above intrest of 5000/- in his income.

January 24th, 2010 at 10:04 am
krishnas said:

Hello All,

Consulting Service for Home Loans and Tax Benefits through phone. It is just for Rs.250
http://www.thinkplaninvest.com/contact/consulting/

Thanks,
Krishna

January 26th, 2010 at 6:58 am
krishnas said:

Hello Dinesh Shetty,

You have get the loans from any of the banks to avail the tax benefits.

Thanks,
Krishna

January 26th, 2010 at 6:59 am
Ashok Agarwal said:

Hi Krish,

I went through your article and subsequent comments and your responses. Most of my queries are answered, except the one:

I booked a small Villa in Jaipur from Omaxe, for which I took house loan about 30 months back. Now the construction will get over in middle of March 2010 and Omaxe will give possession by 15th March by way of issuing a possession letter. After that I will get the registry done which will take about two months.

Can I get the exemption in this current FY 2009-10 on the basis of possession letter or registry is necessary?

Regards-ashok

January 26th, 2010 at 7:06 am
krishnas said:

Hello Ashok Agarwal,

You have to submit the possession certificate to avail the home loans benefits. So, take the possession date into the account and decide on that. You can get the benefits for the FY2009-10.

Hope this helps.

Thanks,
Krishna

January 26th, 2010 at 7:24 am
Anirban said:

Sir,
Thanks for this wonderful effort, it is very informative!!
I am a co-owner of a flat along with my mother, I have the first name.We have taken a joint home loan from a bank where the loan in repaid from interest on fixed deposits which my mother has with the bank.
I claim the full benefits for interest and principal amount repaid for my income tax returns.
It it proper ?? Please advise.

Warm Regards,

Anirban

January 26th, 2010 at 9:36 pm
Vivek Kandkur said:

Hi,
My father owned a land in Bangalore. He wanted to construct a house on that property. So, i took a housing loan with me as the primary applicant and my father as co-applicant. In this scenerio what are the tax benifits that i can claim?

Thanks and Regards,
Vivek Kandkur

January 28th, 2010 at 5:22 am
Anurag said:

Besides the municipality taxes which can be deducted from the annual rent for calculation of Income from House property, is there any provision for deduction of society charges also ?

February 1st, 2010 at 8:24 am
krishnas said:

Hello Anurag,

There is no provision for society charges. But, you can add that in the other expenses.

Thanks,
Krishna

February 1st, 2010 at 7:07 pm
Anurag said:

Which other expenses ? Please enumerate the various taxes / expenses / charges that can be deducted from the annual rent for calculation of Income from House property.

February 1st, 2010 at 10:13 pm
lingam said:

Hi

Very informative replies and thought sharing process.

My queries are:

1. when or Difference between interest fully exempted and interest slab of 1.5 L exemption?

2. can joint applicant (spouse) can get both Loan exemptions & HRA exemptions in both their companies

February 2nd, 2010 at 5:23 am
krishnas said:

Hello Lingam,

1. When house is rented our, interest payment is fully exempt.
2. No. HRA exemption can be claimed by only one. Both of you can claim the home loans exemptions.

Thanks,
Krishna

February 2nd, 2010 at 7:40 pm
krishnas said:

Hello Anurag,

As per the law there is no other expenses are included. That will be included in the 30% deduction.

Thanks,
Krishna

February 2nd, 2010 at 7:51 pm
sourabh said:

hiii

pls help, i have a flat which is in my wife’s name & loan is also in her name, but the EMI for the same is paid by me as she is house wife.Can i claim any deduction either u/s 80 C or u/s 24 or is there any way to claim the benefit of housing loan in my case.

thanks.

Sourabh Jain

February 3rd, 2010 at 2:27 am
krishnas said:

Hello sourabh,

No. You can not claim any tax benefits.

Thanks,
Krishna

February 3rd, 2010 at 3:42 am
sivakumar said:

sir,
i have purchased a house on my wife’s name and she is a house wife and no any source of income and i as an applicant and my as a co-applicant got loan from lic finance ltd. for that loan the principal and interest are being remitted by me from my saving account through ECS. can i claim tax benefit for that principal and interest paymentsince

February 3rd, 2010 at 8:46 am
sivakumar said:

sir,
i have purchased a house on my wife’s name and she is a house wife and have no any source of income and i as an applicant and my wife as a co-applicant got loan from lic finance ltd. for that loan the principal and interest are being remitted by me from my saving account through ECS. can i claim the tax benefit for that principal and interest payment since it is being remitted by me.

February 3rd, 2010 at 8:52 am
krishnas said:

Hello Sivakumar,

You can claim the entire 100% tax benefits because your wife is not working and not paying the loans.

Thanks,
Krishna

February 3rd, 2010 at 7:01 pm
sachin singh said:

Hi krishna,

thanks for this nice article…

Please help me in the following scenario and let me know the tax benefits that I can avail…

I have purchase one Duplex House of 27 Lacs in vadodra in dec2009 for which i have paid 65000 /- in same month as Stamp Duty regestraion. And also take home laon of 18Lacs. MY EMI with bank will start from Mar-2010 of 16000 P.M. But the house will ready in dec-2010.

And i stay in rented house of 96000 p.a in Mumbai.

so my question is :
1. can i claim tax benefit for Stamp Duty regestraion charge for FY 2009/2010.
2. Please let me know can i claim tax rebate (HRA) on the rent paid till Mar-2010 for FY 2009/2010.
3. Can I avail the entire interest component of house loan for tax benefit Fy-2010-2011 ?
4. can i avail tax benefit for Princpal Amount of house loan for Fy-2010-2011.

Thanks,
sachin

February 4th, 2010 at 3:30 am
sachin singh said:

Hi krishna,

thanks for this nice article…

Please help me in the following scenario and let me know the tax benefits that I can avail…

I have purchase one Duplex House of 27 Lacs in vadodra in dec2009 for which i have paid 65000 /- in same month as Stamp Duty regestraion. And also take home laon of 18Lacs. MY EMI with bank will start from Mar-2010 of 16000 P.M. But the house will ready in dec-2010.

And i stay in rented house of 96000 p.a in Mumbai.

so my question is :
1. can i claim tax benefit for Stamp Duty regestraion charge for FY 2009/2010.
2. Please let me know can i claim tax rebate (HRA) on the rent paid till Mar-2010 for FY 2009/2010.
3. Can I avail the entire interest component of house loan for tax benefit Fy-2010-2011 ?
4. can i avail tax benefit for Princpal Amount of house loan for Fy-2010-2011.

Thanks
sachin

February 4th, 2010 at 3:32 am
samrath said:

Hi,

I think, all above is great information for every one.Thank you for such information.
I have interesting situation. me & my younger brother has taken joint home loan from one of the nationalised bank. even property is also in regiestered in the name of both of us…both are co owner..EMI will also go from joint account…can we both avail benefit of 1.5 lac limit of interest? and even for prinicipal repayment?
if yes, we both can claim 1.5 lac separately?..ias total yearly loan interest is more than 3 lacs..f possible can you thro some light on exemptions of brothers?

samrath

February 4th, 2010 at 4:10 am
krishnas said:

Hello Samrath,

You are correct. You both can claim the tax benefits.

Thanks,
Krishna

February 5th, 2010 at 3:20 am
lingam said:

Hi

Thanks for your answer.

If the house is rented out, can joint applicant (spouse) share the complete interest paid or is the slab is 1.5 L each for sharing the interest.?

February 5th, 2010 at 10:14 pm
lingam said:

Hi Krishna

Can the joint applicant share the complete interest paid for the IT beenfits? or Is the slab of 1.5 L each is applicable while sharing?

February 5th, 2010 at 10:17 pm
lingam said:

If the house is rented out.

February 5th, 2010 at 10:18 pm
Suresh said:

Hi Krishna

If the house is rented out.

Can the joint applicant share the complete interest paid for the IT beenfits? or Is the slab of 1.5 L each is applicable while sharing?

February 5th, 2010 at 10:19 pm
ravi said:

Hi Krishna

The house purchased is not in a condition to reside so cannot be rented out. I am staying in a rented house in a same city and paying EMI for the bought house.

Can I be fully exempted for entire interest paid without adjusting for the house rent of purchased house?

If so what section is it?

February 5th, 2010 at 10:33 pm
Anirban said:

Hi Krishna,
I am a co-owner of a flat along with my mother, I have the first name as owner.We have taken a joint home loan from a nationalized bank where the loan is repaid from interest on fixed deposits which my mother has with the bank.
I have started claiming the full benefits for interest and principal amount repaid for my income tax returns since financial year 2007-2008 after we got possession.
It it proper ?? Please advise.
Warm Regards,
Anirban

February 7th, 2010 at 3:02 am
sachin singh said:

Hi Krishna,
i watiing for your Suggestion,plz reply ….

Thanks
Sachin Singh

February 7th, 2010 at 10:46 pm
Vijaykrishna said:

Hi,

I have a query…I own a flat which is registered on my name and my wife name…both…
My wife is also working…and we pay the EMI from a joint account…both of us are claiming tax benfits…
I have transfered the loan to some other bank…but this time the loan is only on my name….

Please tell me if both me and my wife can claim the tax benefit?

February 7th, 2010 at 11:38 pm
krishnas said:

Hello Vijaykrishna,

Loan should be in both of your names, so that you and your wife can claim the tax benefits.

Thanks,
Krishna

February 8th, 2010 at 1:16 am
Shraddha said:

Hi Krishna ,

I have a query ,I have booked a Flat at “Cidco” ( Government plan) and have got a allotment letter from them. The Flats are still under construction , however I have made my 2 installments and have started paying the EMI as well , I believe the norms are different for government flats , so is it possible for me to avail tax benefit from my cidco property before I get the possession

February 8th, 2010 at 5:07 am
ravi said:

please can you reply

February 8th, 2010 at 5:29 am
r prabaharan said:

i have availed HL from one of the prvt banks and they have disbursed part of the amount in jan 2010 and balance amount in feb 2010.
the interest for the part of the amount disbursed in jan and for full months of feb and march should be taken into account in my provisional interest paid..but in this case as the interest is being charged only after the month end that is on 1st of next month, they say that i am not eligible for 2 full months of interest but only for 1 full month and proportionate for the part payment done in jan..is it not the accural basis should be taken into account.
your early response will be highly appreciated
myc ontact no 9960595350
regards
prabaharan

February 8th, 2010 at 9:12 pm
krishnas said:

Hello Shraddha,

You can not get tax benefits before the construction is completed.

Thanks,
Krishna

February 8th, 2010 at 9:22 pm
Vishal said:

I have got my flat registered on 5th Feb 2010. Builder is giving me Posession cerificate as well. However, Construction is still on in terms of Landscaping , Plastering from outside, . Flat is complete from inside in terms of Elec, Plum, Painting and Flooring … But I wll be able to shift only in June/ July.

Can I claim tax benefit.

February 8th, 2010 at 10:36 pm
Anirban said:

Do I need to pay any charges to get a reply ? I posted my question twice but I did not receive an answer.Please clarify!!

February 8th, 2010 at 10:57 pm
Akshay said:

Hi Krishna,
I will get possession of flat in March 2011.
I have taken home loan from Dec 2009.
My first question is can I submit the registration amount as Principal in this years declaration.

Also for the next year from March 2010 – April 2011 , Can I avail HRA as well as Interest and Principal on the Home loan?

My HRA is around 1,50,000
And the upper limit for Interest is also 1,50,000

My agreement says that I will get possession by March 2011. My wife is also working and she has HRA of 60,000 per year. Is it useful if we have rent agreement in both names?

Thank you.

February 10th, 2010 at 12:39 am
Vinod.V said:

Hi Krishna,
I had availed home loan jointly with my wife for purchasing flat. The flat is registered both in our names. we are working in different departments. My doubt is that she alone can claim the income tax benefit (both interest and principle) of the above loan. Please give me the clarification
thanking you
vinod

February 10th, 2010 at 7:48 am
Iqbal said:

Sir.
I am an UP Govt. Employee. I am getting 231560 as Basic Pay and 64800 as Pay grade total Salary is Rs. 296360. I am getting Rs. 18900 as HRA. and Paying Rs. 1000 x 12 = 12000 for House Rent (because I am living in a rental house)
I want to know what calculatin and amount will be deductable under Sec. 10 (13A).

Thanks
Iqbal

February 11th, 2010 at 8:40 am
Iqbal said:

Hi,
My coluige is getting 250960 as Salaray and receiving Rs. 16860 as HRA. He is paying Rs 2400 x 12 = 28800 as a house Rent.
Pl. calculate the amount which will be deductable u/s 10 (13A)

Thanking you
Iqbal

February 11th, 2010 at 8:51 am
S N Banerjee said:

Sir, I am a civilian defence employee from Agra, residing in a house built with a house-building-loan(HBL) from a bank, sought jointly by self & spouse, who is a house wife. The property is jointly registered in my & wife’s name. A provisional certificate,in favour of both of us, from the bank has been furnished to my employer regarding the estimated amt of Principle & Intt to have been recd by the bank from us by 31 Mar 10 for AY 2010-11. However, the authority says that the IT benefit(s) to be awarded to me against the said certificate shall be “half” of the calculated ones; ie negetive income or savings (80C), etc as the property is jointly owned by more than one indl. Should I, being the primary owner & the only earner of livelihood, not get full IT benefit in this case, please ?

February 12th, 2010 at 5:35 am
harshavardhan nayak said:

Hi,
I have 2 properties. One in Mumbai, which is rented out. One new property in Bangalore and will self-occupy from end March 2010 onwards. I need to clarify that I can claim IT rebate (FY 2010-2011) towards the self occupied property upto interest paid value of Rs. 1.50 lacs max; and towards the other property also to the extent of income loss (if it is a loss). Please advise and clarify.
Thanks, Harsh

February 15th, 2010 at 6:23 am
Rajesh Kumar said:

Hi,

thanks for this nice article… Please help me in the following scenario and let me know the tax benefits that I can avail…

I purchased a house in August 09
I am not occupied the house till date
I stayed in a rented house with a rent of 6500 per month.
Principal amount to be paid for the FY 09-10 : 20436
Interest amount to be paid for the FY 09-10 : 58376
Please let me know if I can claim tax rebate (HRA) on the rent paid till march 10 or not. Can I avail the entire interest component for tax benefit?

Also what are the documents required to claim that the house is mine? Is the registered Sale Deed sufficient?

February 18th, 2010 at 11:52 pm
Rajesh Kumar said:

Hi,

thanks for this nice article… Please help me in the following scenario and let me know the tax benefits that I can avail…

I purchased a house in Aug 09
I am not occupied the house till date
Till Sep09 I stayed in a rented house with a rent of 6500 per month.
Principal amount to be paid for the FY 09-10 : 20436
Interest amount to be paid for the FY 09-10 : 58376
Please let me know if I can claim tax rebate (HRA) on the rent paid till march 10 or not. Can I avail the entire interest component for tax benefit?

February 18th, 2010 at 11:54 pm
Suhas said:

Dear Sir,
The posts here are very interesting and helped us to clarify the doubts.

Below are details of 2 houses purchased by me. The post seems to be long, but..

I have purchased 2 homes in Pune and both are having loans. Both of them are completed (possession taken). In one house, my parents are staying. In 2nd home, I am staying.

1st Home details:
• It was purchased as a resale property. I am the only owner for it.
• Annual Interest paid = 45,000 Rs
• Annual Principal paid = 25,000 Rs.

2nd home details:
• It was purchased as a new property.
• I am the first owner and my wife is the co-owner. She has provided a declaration that she will not be availing any benefit. We have provided this declaration in my company.
• Annual Int. paid = 3,50,000 Rs.
• Annual Principal paid = 70,000 Rs.

Questions:

1) I would like to know whether I can claim the tax benefit on both these loans.

2) From IT tax benefit: I am planning to show the 1st home as self-occupied and 2nd home as rented even though I am staying it 2nd house with my wife. Is this possible? Is this approach correct?

If it is possible,
• I am showing 45,000 Rs. as interest (1st home) which I know falls into 1,50,000 Rs bracket but short of it. Please let me know if my understanding is correct.
• I am combining principal amount for the 2 loans (70,000 + 25,000) which gets covered under 1,00,000 investment bracket of 80 (c). Please confirm.
• Since I am showing the 2nd home as rented (let out), my calculation for income from 2nd house will be as follows:
o Annual Value (Rental Income): I have considered 15,000 as notional rent Rs per month. = 1,80,000 per year. This is a notional rent since I am not getting any actual money.
o 30% as the standard deduction: 54,000 Rs.
o Interest Payable on home loans: -3,50,000

Hence net income will be: 1,80,000 – 54,000 – 3,50,000 = -2,24,000 Rs. Is this figure correct?

If it is correct, this entire amount of 2,24,000 will be deducted from my net taxable salary?

3) Also, I am showing this entire data to my company from TDS perspective. I will not be showing this into IT returns. Do I need to show this data in IT returns as well?

Thanks,
Suhas

February 19th, 2010 at 12:46 am
JOSEPH JOHNY said:

I have a property jointly purchased by me and my wife. I have been paying the EMI from my Bank account and accepting money from my wife in cash for 50% of the EMI. Can both of us share the HL interst and principal on 50:50 basis

February 19th, 2010 at 2:11 am
SANJAY TALREJA said:

Hi
I Stay in my own house in mumbai which is in my name,so i cant claim hra benifits.however if i buy a house in pune by taking a home loan can i claim tax benifit on that home loan.I stay and work in mumbai.

February 19th, 2010 at 6:08 pm
amit said:

Hi,
I have taken home loan of Rs 20 lacs in 2007 for Down payment for under construction flat. The flat is now under construction and I expect to have possession by end of year.

Every month I am paying EMI, can I claim this as Tax rebate – Principal + Interest.
Also how do I treat my EMI payments for last few years.

Thanks

February 26th, 2010 at 12:14 am
Rishi said:

Hi
first of all congrats on such useful help to so many of us!
Keep it up!!

This is just to seek some clarifications on IT for my son Amar and his wife Urmila, both of whom are earning about Rs 6L/annum.

House No 1. Amar has invested in a flat, with a loan of Rs 15L a couple of years back.(emi=15000pm for 20 yrs)
House No 2. Around the same time, his wife Urmila bought a flat with Rs 5 L loan.(emi=9000pm for 10 years)
House No 3. Now both of them have invested in another flat in Urmila’s name, for which they may have to take another 25-30 L loan.

My doubt is:
(a) As the flat no 3 possession will only be after another 2 years,
and in the meantime if Urmila takes IT rebate on interest element of
home loan, after 2 years can she pay off the loan amount on the no2
house, and then 3rd year onwards start claiming similar tax exemption for house no 3?

(b) As it is also possible for husband -wife to be co-borrowers for
house no 3 , and they can take portion of exemption each, will Amar
gain anything by being a co-borrower. My doubt is because he is
already claiming IT rebate on the first house.

(c) Alternately, as I had lent Amar 4-5 L for his first house , can
that be shown as a loan at an interest, and can that interest element be added to the one he is paying to the bank for the purpose of Tax exemption?

(d) What will be the best way for both of them to gain maximum tax benefit

March 1st, 2010 at 5:28 am
Mohnish said:

HI,

I have purchased a plot and paid stamp duty in 2009… No home loan taken… Currently living on rent…. Can I claim HRA deduction and stamp duty benifit u/s section 80C..
Pls clarify urgently…

March 2nd, 2010 at 10:23 am
sourabh said:

I have taken Home loan.

I am paying the EMI from month of October 2009.
i am going to get possession in month of Morach 2010.
Now if i do the registration for my flat before march end, then can i claim both the interst paid and HRA from Oct 2009 to March 2010??

Kindly help.

March 7th, 2010 at 7:58 am
Prakash Karnam said:

Can you explain me how will tax benefits works, in case there is a property on which I have constructed two houses (only one Home Loan), one I occupied and other rented out? Can I avail any other tax benefits other than Rs. 1.5 Lacs on interest and Rs. 1 Lac under 80C?

March 9th, 2010 at 6:35 am
Shil said:

I m having FD’s with different banks but interest on that is less than Rs.10,000.00. For availing exemption, i hv to submit Form 15G against each n every FD.

As per above information person is not eligible to submit Form 15G if his annual income is taxable. My annual income is taxable but interest on FD is less than Rs.10,000.00.

in my case do i have to submit Form 15G or not?

March 12th, 2010 at 12:17 am
kandaswamy p.s said:

I am possessing a flat in Coimbatore. Since I am staying in a Government accommodation in Chennai I invested capital gain on sale of my agricultural land I invested the capital gain and booked a Flat at Chennai. Shall I get House Rent Allowance if I let out both the properties. If not how can I avail tax concession; Shall I book the ownership of the second property in my son’s name who is minor now ?

March 20th, 2010 at 8:43 am
Irfan ALi said:

sir,
i have purchased a house on my wife’s name and she is a house wife and have no any source of income and i as an applicant and my wife as a co-applicant got loan from HDFC Bank ltd. for that loan the principal and interest are being remitted by me from my saving account through ECS. can i claim the tax benefit for that principal and interest payment since it is being remitted by me.

March 25th, 2010 at 12:39 am
maulika shah said:

Hose is in my wifes name and she is C0-applicant and i am applicant for construction loan and I am paying the full EMI. She is not caliming this tax benifit. in this case will be eligible to take the tax benifit.

March 27th, 2010 at 6:14 am
maulika shah said:

Hose is in my wife name and she is C0-applicant and i am applicant for construction loan and I am paying the full EMI. She is not caliming this tax benifit. in this case will be eligible to take the tax benifit.

March 27th, 2010 at 6:14 am
cnmodi said:

Hose owner is my wife and she is C0-applicant and i am applicant for construction loan and I am paying the full EMI. She is not caliming this tax benifit. in that case can i eligible to take the tax benifit.

March 27th, 2010 at 6:18 am
Mujib said:

Hi Krishna,

I have taken a flat in Mumbai for 27 lacs. Posession of flat is in next 2 years. I have paid 11 lacs to builder and for rest of amount I am planning to take a loan i.e. for 16 lacs. 5 slabs of building are raedy and now amount duw from builder is 2 lacs. If I get this amount disbursed from bank I will only be charged simple interset on amount disbursed and bank syas my EMI will not start until my full disbursement takes place. So is this simple interest paid eligible for tax benefit?

How can I save money as my EMI are not starting and I am paying only interests and not doing any repayment of principal amount.

Regards,
Mujib Dave

March 29th, 2010 at 11:29 pm
Ramesh Bhabhor said:

I have two house ,one at native place which is 200km faraway from my working place Baroda.I have bought second house at Baroda.Both the house constructed by the home loan from departmental & SBI respectively.Now ,I would like to learn about income tax benefit on both the house.I myself govt.employee having salary Rs.600000/-p.a.approx.
Sir,please explain with the IT Rule no.& sub section also.

March 30th, 2010 at 11:07 am
Anand said:

One of the best article and discussion i have seen in long time. Wish you all the luck Krishnas.

Anand

April 5th, 2010 at 12:11 am
Govinda said:

Really nice article and awesome set of Question & Answers.

Great job Krishna !! Good Luck !!

April 14th, 2010 at 12:11 pm
Gurunathan Balasubramaniyam said:

Hi,

I had availed Home loan under my name however got the house registered under my father’s name; now when I wanted to claim tax exemption from my employer, they are denying the same saying that both home loan and property registeration should be under my name to claim tax benefits.

Is it true?

Kindly advice

April 20th, 2010 at 1:15 pm
Sachin Shinde said:

hi thanks for such nice atricle,

can solve my problem ?
I have purchased flat in mar-2010, i have taken home loan of Rs 26 lakhs from IDBI, for this home loan salary of my as well as my wife’s salary also taken into consideration, property is on name of both of us, but full EMI is getting deducted from only my account,
can we both claim for tax benifit ?
how much tax benifit me & my wife will get ?

Thanks in Advance

April 26th, 2010 at 10:53 pm
Praveen said:

Hi Krishna,

I am a salaried employee and want to discuss tax planning re a home loan.

I have recently (March 2010) booked a flat in Gurgaon for which I have taken a home loan, the possession will be given in approx 3 years.

I am owning a house in Delhi which is let out and showing rental income in my ITR.

Currently, I am staying in a rented property in Delhi and claiming exemption in HRA.

My query is that can I claim deduction of interest on home loan for the FY ending on 31 March 2011, 12 and 13, though the property is under construction. My view is that because I have taken the loan for puchaseor booking of property (not for construction my self) therefore deduction should be allowed during FY ending on 31 March 2011……

Further, is there any problem in claiming exemption from HRA for rental payament and also claiming deduction for interest on home loan?
Thanks
I have a house in Delhi which I have let out and showing rental income in my ITR.
2.

April 29th, 2010 at 8:46 am
Praveen said:

Hi Krishna,

If a person has taken a home loan for construction, then tax benefit on interest will be allowed in 5 equal annual instalments once he gets the possession.

Suppose if he sells the property in the year of possession or after a year, can he still continue to claim deduction of interest for 5 next years?

Thanks
praveen

April 29th, 2010 at 8:58 am
nagaraju said:

Hi Krishna,

Thanks for great article. I have learnt a lot.

I have taken home loan joinlty with my mother and EMI are being paid by me from my account. My parents are living in that house and i am living in reneted home in Hyderabad.

My query is that as i am not coower of the prpoerty, can i gift my EMI to my mother to get benfit of Tax deductions??

If my mother make me cowoner of the property from this year onwards, can i elegible to claim EMI from next year onwards.

I really appriciate your help.

Thanks
Nagaraj

May 8th, 2010 at 3:38 am
Sujata said:

Hi,
Nice article. I have the following question :
We have 2 flats in Delhi, one is self occupied and the other one is let out. We have taken loan jointly on the let out property for which we(myself and my husband) are claiming IT benifit. Recently we have purchased another flat which is under construction and the possession will be given in 2012. We have taken loan for this flat also jointly. Can we take benifit of IT exemption on the second loan as well after getting possession? If yes, then is there any limit? All the 3 flats are on co-ownership basis with my husband, so will the total share of each person l be taken as one and a half? I believe a person can have 2 properties without paying tax and beyond that the person has to pay tax. If this is correct could you please tell me the IT liability for having more than 2 properties? Please clarify.

May 12th, 2010 at 1:58 am
Dr. R.K. Gupta said:

Dear Sir:
I was not sure about the limit of interest payable on home loan. Your nicely illustrated article has left no doubt.
Please continue with your good work.

Regards.

Dr. R. K. Gupta

May 27th, 2010 at 1:25 am
MOHAN said:

I got poession of flat in Oct 2009 with all docs for a porperty on which i paid PREEMI only intrest part of 2,10,000 from 06 as per certificate from lender.For March 10 investment declaration i have not claimed any preemi on this property can i cliam for 2 years in March 11?The property is rented out & going for loss on house property under section 24b.

June 5th, 2010 at 12:14 am
Kalyani said:

Hi Krishnas,
Me & my husband are taking loan for our new home. I am paying the stamp duty & registration charges of a flat from saving account.

Can me & my husband take befit of it under section 80C(e.g.50-50% or 60-40%)?

June 15th, 2010 at 7:17 am
Satish said:

I have taken a home loan of 8.5 lakh in 2006 march. Now I am planing to sell for 20 lakh. My current interest rate is 10.5% . Would you suggest to continue EMI or sell the flat and reinvest in other house.
What would be the capital gain charges (mine is in 10% tax slab). My actual plan of taking home loan is to get tax exemption, but now if i sell this i cant get that benefit, but I want to start PPF and save 70k per annum. please suggest me

June 17th, 2010 at 2:03 am
D Sumit said:

In 2005 I blocked a property. It was registered in financial year 2006-07 and since then I claimed tax benefits with respect to the interest paid as self occupied property. I have claimed benefits for the fin years 2006-07, 2007-08, 2008-09
and 2009-10
Now I have moved to a different city and want to sell the property. My questions are as follows:

1. What are the long term capital gains tax implications in selling the property now? How does indexation work?
2. If I take the gains of the sell and start paying for another property that I have booked over the next 1 year then do I owe any capital gains tax?
3. What are the implications of the tax benefits I have enjoyed as a self occupied property? Do I have to give back the tax arising from the income loss?
4. Can some one help me with the rough calculations around this?

June 20th, 2010 at 4:42 am
Satish said:

Please provide any suggestions…

June 22nd, 2010 at 11:16 pm
Satish said:

Please provide any suggestions…on my posting dated (15-Jun)

June 22nd, 2010 at 11:17 pm
kasinathan said:

Hi pls clear abt my doubts. I have taken a house loan Rs.550000 (Bank considered me a as a NRI and they given loan by having NRI account in their bank.) and I am paying Rs.7000 in a monthly basis (for 10 year)
Is it possible to get any Income tax benificiary and how I have to declare for that.
What are the data’s required for declaring this loan

June 24th, 2010 at 2:49 am
Shweta said:

I have a house in Thane on which I am claiming IT benefits in principal and interest payment. My office is at Vashi, Navi Mumbai. I plan to rent a house in Navi Mumbai to save on travelling time and cost. Can I claim HRA benefit too?

June 27th, 2010 at 12:08 am
Kunal Salvi said:

my client has sold residential house in short term.
he has taken exemption of housing loan interest on this self occupied house under section 24 and also stamp duty, reg. fees and loan emi under section 80C

my query is :
1. he has to reverse the 80C deduction claimed. but under which head it is to be shown?
2. whether he has to reverse the deduction claim under section 24?
and if yes under which head it is to be shown?
3. now the main question is if he is adding back all the deduction earlier claim, can he claim all this amount as cost of acquisition while computing short term capital gain on residential house property

June 28th, 2010 at 1:48 am
ramaa said:

hi, We have booked a flat in joint names (possession is in Jan 2013)and loan emi will start only after that. Please suggest some good monthly investment plan for a period of 2-3 years which can be used for squaring off the loan as well as tax free returns

July 22nd, 2010 at 9:03 pm
Bunti said:

I have 2 properties co-owned/co-borrowed with my houswife spouse.
I am the loan payer of both.
Recently I am making income (so far it was loss, and i used to claim it in my previous ITR-V), from the 2nd property (that is rented).
My spouse is getting the rent in her individual bank a/c. She doesn’t pay tax (except the one deducted from bank).
Can I also avoid paying tax on this rental property, by missing it out from my returns (starting this time)?

July 23rd, 2010 at 3:37 am
Darshan said:

I have a house with 2 floors(ground and first) and am paying an EMI of 3,00,000 pa. The rent is around 60,000 pa for the ground floor and is rented out. I am staying in the first floor (self). Can I claim a maximum exemption of 1.5L pa or can I claim ( 60000 – 18000 – 300000) from my total income ?

Darshan

July 30th, 2010 at 8:32 am
NJ said:

Hello Sir,

We have a house in pune for which I am paying the EMI and availing the tax benefits. ( right now self occupied but will be rented out shortly) My wife is a housewife and we are planning to buy a second home in same place. We will be self financing the second house.

Should we buy the second home as Co- owners/ her name/ Or my name to avail any benefits?

August 13th, 2010 at 1:45 am
NJ said:

Hello Sir,

We have a house in pune for which I am paying the EMI and availing the tax benefits. ( right now self occupied but will be rented out shortly) My wife is a housewife and we are planning to buy a second home in same place( Its under construction possession will be after 2 yrs) We will be self financing the second house.

Should we buy the second home as Co- owners/ her name/ Or my name to avail any benefits?

August 13th, 2010 at 1:48 am
saanvi said:

hello,me and my wife jointly booked a house,and applied for the loan jointly,my wife being borrower and me being coborrower in loan,now problem arises due to the fact that bank(IDBI) says that loan amount will be deducted from a single loan a/c which will be on my wife name,and bank will provide separate repayment receipt (in the ratio of 50;50) to each of us,can both of us avail tax benifit / particularly me as no money has been deducted from my a/c. also cannot i change the ratio of tax benifit my wife salary being more.
hoping for ur soon reply
saanvi

August 18th, 2010 at 10:52 am

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Home Loans and Income Tax Benefits – Part 2

Introduction

Use our consulting service for Home Loans (JUST Rs.250)

Articles on Home Loans

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Home Loans and Interest Payment

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