Hi team
We took a home loan jointly for a huge amount. However, the apartment construction is still in progress and handover is after 3 years.
But we have started payment of emi's from this month onwards.
How to claim tax deduction for principal and interest payment under which sections?
Menu
Home Loan Income Tax queries
Replies (3)
Quick Summary
You cannot claim it before possession. can be claimed from the year of possession.
interest paid now can be claimed for 5 years after possession.
interest paid now can be claimed for 5 years after possession.
When you take a joint home loan, both co-borrowers can individually claim tax benefits for the principal and interest repayments, subject to certain conditions. Here's a general overview based on the provisions in India:
Tax Deduction for Principal Repayment:
Under Section 80C of the Income Tax Act, you can claim a deduction for the principal repayment on a home loan. The maximum limit for this deduction is ₹1.5 lakh per financial year. Here are some key points:
-
Joint Loan: Both co-borrowers can claim a deduction for the principal repayment individually, up to the specified limit.
For further more detailed information on this topic visit: Home Loan Interest Deduction: Under Section 80EE
To read more such trending content, visit Swipe Blogs.
There are different criteria for home loan and other loans.
Recent Topics :
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
Related Topics :
CAclubindia
