Home loan and hra benefits for it

Tax queries 662 views 2 replies

I have taken home loan of 31 lacs in feb 14. The house is under construction and i am living in rented house.

I have paid 2.33 lacs interest and 1.58 lacs principle in last financial year. I am paying 8300 per month for rented house.

How can I claim HRA as well as home loan interest and principle for this years Income tax submission.

Also would like to know the max limits all these.

 

S. No. DESCRIPTION AMOUNT
A Particulars of Income from sources other than salary   
1 Interest  
2 Other Incomes (specify)  
  Total 0
B INCOME FROM HOUSE PROPERTY AMOUNT
1 Interest on Housing Loan u/s 24
(If the house is self occupied Property acquired /constructed  and the loan was taken before April 1999- Rs.30000/- elgible )
NA
2 Interest on Housing Loan u/s 24
(If the house is self occupied Property acquired /constructed  and the loan was taken after April 1999- Rs.200000/- elgible )
NA
3 Interest on Housing Loan u/s 24
A. (Let out/Deemed to be let out)
Bankers Certificate to be submitted
(if the property is LET OUT - Rental Income need to be specified)
NA
4 B. Amount of Interest for Pre-Contruction
Period (as per Income Tax Rule)
233000
  Total Income from House Property 233000
C HRA: RENT PAID PER MONTH  ( Please mention the starting and ending month)  
S.NO PARTICULARS AMOUNT - RENT(P.M)
  Rent Paid/Payable for:  
1 Apr-14 8300
2 May-14 8300
3 Jun-14 8300
4 Jul-14 8300
5 Aug-14 8300
6 Sep-14 8300
7 Oct-14 8300
8 Nov-14 8300
9 Dec-14 8300
10 Jan-15 8300
11 Feb-15 8300
12 Mar-15 8300
  Total Rent Paid (per annum) 99600
D DESCRIPTION  
1 Life Insurance Premium(Premium Payable for self/spouse/children) 12130
2 Pension Plans u/s 80CCC  
3 Jeevan Suraksha/Pension schemes of any other insurer)  
4 Public Provident Fund (PPF)  
5 National Savings Certificate (NSC)  
6 Interest Accrued on NSC (Up to 5th completed year only)  
7 Unit Linked Insurance Policy (ULIP)/LIC  
8 Equity Linked Savings Schemes (ELSS) - Mutual Funds - Tax saving scheme only  
9 Payment of Tuition fees for Children (Max 2 Children) 31000
10 Principal repayment of Housing Loan 158000
11 Registration charges incurred for Buying House (I year Only)  
12 Bank Fixed Deposit for 5 Years & above  
13 Post office Term Deposit for 5 years & above  
Total Investments U/S 80C - limited to Rs 1,50,000/- only 150000
E OTHER PERMITTED DEDUCTIONS  
1 80D - Medical Insurance Premium (Maximum Rs. 15,000 5000
2 80D Addtional - Medical Insurance Premium paid for parents (Maximum Rs. 15000/-
(Rs. 20000 for senior citizens)
 
3 Sec 80DD (Maintenance including Medical treatment of dependant person with disability) -upto 50000/- , (Rs.100000/- in case of severe disability)  
4 80DDB - Expenditure on Medical Treatment for specified disease  
5 80E - Repayment of Interest against Educational Loan for purchasing higher Studies  
6 80GG - Rent Paid but not in Receipt of HRA  
7 80U-Permanent Physical Disability(Self) (Normal Rs. 50000/- and Severe Rs.100000/-)  
8 Deduction under Section 80CCG-Rajiv Gandhi Equity Savings Scheme, 2012
(50% of investment maximum Rs.25000)
 
  Total Deductions  5000
E PREVIOUS EMPLOYMENT SALARY  AMOUNT
Income From Previous Employer (Only Joined after 01/04/2014)  
1 a) Income after exemptions  
2 b) Provident Fund (PF)  
3 c) Professional Tax (PT)  
4 d) Tax deducted at source (TDS)  
S.NO ACCRUED INTEREST WORKING INT. RATE
1 N S C - Purchased during 01-04-09 to 31-03-10 11.17
2 N S C - Purchased during 01-04-10 to 31-03-11 10.33
3 N S C - Purchased during 01-04-11 to 30-11-11 9.55
4 N S C - Purchased during 01-12-11 to 31-03-12 10.11
5 N S C - Purchased during 01-04-12 to 31-03-13 9.56
6 N S C - Purchased during 01-04-13 to 31-03-14 8.68

Attached File : 1313608 1394957 it 1415.xls downloaded: 131 times
Replies (2)

Hello,

Tax benefit of home loan under section 80C for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.

The Interest that has been paid before the completion of construction should be aggregated and the whole aggregated amount shall be allowed as tax deduction in 5 equal installments for 5 successive Financial Years starting from the year in which the construction has been completed.


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