Income tax

Tax queries 377 views 4 replies

Anupam

Finance Professional

61 Points Joined August 2015

Hi,

I am a salaried person with a package of about 12 lacs and need some clarification regrding tax rebates.

I have taken a home loan of 45 lacs on aug 2015 for an under construction property, the same has been completed and handed over to me (self occupied) on dec 2015.

I was living on rent of 15,000 per month since 1 april to 31 Dec.

other details are as follows:

interst before possesion: 140000

interst after possesion: 120000

Principal paymet before possesion: 30000

Principal paymet after possesion: 120000

Please help me out

Replies (4)

CA MANISH SAXENA

Partner

561 Points Joined July 2013

Salary : 12 L

Less:80C:1.5

Less: Intt u/s 24 :Pre-Construction interest is allowed in 5 equal installments starting from the year in which the house is purchased or the construction is completed.(140000/5)

Less: Intt u/s 24 :120000(Post Poss)

Rent Paid by You: Depend on ur Salary Structure .

Let me know if you still face difficulty.

Narayan Rathi

MAnager(Accounts)

29 Points Joined April 2015

HRA Deduction is also available for April to Dec

Anupam

Finance Professional

61 Points Joined August 2015

Hi,

Please see the below details and help me out.

Home loan taken on August 2015, In December-2015 I got the possesion of my new house.

Earlier I was living on rent, now moved to my new house.

Can I claim tax benefit on:
1. HRA for period April-2015 to November-2015 (8 Months)
2. Sum of Principal Amount from the EMI which I will pay from December-2015 to March-2016 (4 Months)
3. Sum of Interest Amount from the EMI which I will pay from April-2015 to March-2016 (12 months),