Can premium of home loan be taken as exemption under itr
This query is : Open
Neha Agarwal
(Querist)
05 December 2015
I am a bit confute, actually I have to file a return of FY 14-15, where my client has a home loan premium of Rs 30000/- during FY 14-15, I want to know can i take amount of premium as exemption or not or interest on home loan is exempted?
Plz put your comment......
Plz put your comment......
CA Mehta Ankur N.
(Expert)
05 December 2015
What is premium ? Is it loan or it is advance ?
Please clear your question for solution purpose. If it is loan instalment then it will be allowed as deduction u/s 80 C & If it is interest on home loan then it is allowed as deduction u/s 24(b)
But there is no exemption as such.
Please clear your question for solution purpose. If it is loan instalment then it will be allowed as deduction u/s 80 C & If it is interest on home loan then it is allowed as deduction u/s 24(b)
But there is no exemption as such.
Neha Agarwal
(Querist)
05 December 2015
During FY 14-15, My client paid home loan installments Rs: 45000/- & interest on home loan Rs 15000/- as well as & loan was taken in FY 2011-2012 for construction of house property for self residential purpose. He has never given the same house on rent. i want to know,
1. Can my client claim both the above amount as exemption.
2. In which section can I claim?
3. In case of self occupied property gross annul value is nil. then which above amount is allowed as deduction.
Plz....
1. Can my client claim both the above amount as exemption.
2. In which section can I claim?
3. In case of self occupied property gross annul value is nil. then which above amount is allowed as deduction.
Plz....
05 December 2015
Self occupied residential house property is eligible for deduction of housing loan repayment:
Repayment of housing loan is eligible of deduction u/s 80C (Rs. 30,000);
Interest on housing loan is eligible for deduction u/s 24. Hence, loss from house property is Rs. 15000.
Note: A certificate from the banking company is necessary towards payment of loan and interest.
Repayment of housing loan is eligible of deduction u/s 80C (Rs. 30,000);
Interest on housing loan is eligible for deduction u/s 24. Hence, loss from house property is Rs. 15000.
Note: A certificate from the banking company is necessary towards payment of loan and interest.
Neha Agarwal
(Querist)
07 December 2015
1. In Income tax return form I there is no option of Section 24. In which section should I add Rs 45000/- as repayment of housing loan.
2. What is maximum ceiling limit in case of repayment of housing loan.
3. Is it necessary to attach certificate with ITR filled form to Bangalore.
2. What is maximum ceiling limit in case of repayment of housing loan.
3. Is it necessary to attach certificate with ITR filled form to Bangalore.
07 December 2015
File your in ITR2
Neha Agarwal
(Querist)
07 December 2015
For how long can we can take benefits of both interest & loan repayment in case Loan was taken FY 11-12 & house property was constructed & possession was taken in FY 14-15.
07 December 2015
Till you repay the loan or withdrawal of the benefit in IT law / change in law.
07 December 2015
Till you repay the loan or withdrawal of the benefit in IT law / change in law.
Neha Agarwal
(Querist)
07 December 2015
Thank You Sir,
You have been very helpful to me.............
You have been very helpful to me.............
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