Bhushan (NA) (24 Points)
29 December 2014Hi I have a home loan in Mumbai for which I pay principal of 112629 & interest of 136107 yearly. I have another home loan in Lucknow for which I pay principal of 60000 and interest of 180000 yearly. I work for a company in Mumbai. Can you please let me know the benefits I can avail as far as housing loan is concerned. I have rented the apartment in Mumbai for Rent of Rs 22000 per month and currently work from home in Lucknow.
Thanks
Neeraj
(Manager-Taxation)
(53 Points)
Replied 29 December 2014
Dear Bhushan,
In your Case, you have to cover 3 types of transactions:
So will tell u one by one solution
1. The Total Principal Paid by you is Rs. 112629+ Rs. 60000=Rs. 172629/-. The repayment of principal amount under housing loan is covered deduction u/s 80C under Deduction under Chapter VI A. So you can claim deduction under section 80C for the amount of Rs. 150000/- (Limit including of other deductions under section 80c like, LIC, PPF, Tution Fees etc.).
2. The total interest paid by you is 136107+180000= Rs. 316107. The payment of interest of housing loan covered under Section 24A under Income From House Property. There is limit of Rs. 200000( for AY 2014-15 onwards) if the property is self occupied (means you are residing there) or by reason of the fact owing to your employment, business or profession carried out any other place so you has to reside at any other place..
3. The third one is Rental Income. You may also claim deduction under section 24b under income from House Property for amount equal to 30% of the total amount received or due to be received as Rent for the period i.e. 22000*12*30%= Rs. 79,200/-
Regards
Neeraj Goswami
CAclubindia
