Home loan query

Show the loan amount received from relative as unsecured interest free loan in your Balancesheet. This entry will come in the Fy 2014-15.

Your bank will lend you based on the IT return of FYs 2012-13 and 2013-14. I don't think there would be a problem as long as you arrange for the margin amt.

you can take unsecured loan from relatives and show that loan in your books of accounts and if you pay some interest on that loan fr. relatives than you can claim interst as home loan interest.

For that you will have to get some documentery evidence prepared stating loan amount and interst rate applicable. The onus is on you to prove that laon amount has used in purchasing house.

Yes, Interest payment to friends and relatives can be claimed u/s 24 against a certificate received from them. 

Please note that the receiver of interest income who issues the certificate is liable to pay tax on the interest income that he receives.

The principal payments would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions.

Thanks all for your valuable feedback. For further clarification of my situation,  am taking unsecured interest free loan. So there is no need to pay any interest and same time no tax exemption i can claim.

I am a salaried person and there is no  income other than my salary. Do I need to have  file return in the financial year 14-15 to show this transactio?.  if yes when i have to file return.I am not filing return so far as  I am getting TDS from employer and getting form16. Please give your valuable feedback.  

Dear friend

I think Ms.Madhavi has already clarified your query and you have also undrestood that very well,  i will brief hereunder point by point:

A) As it is unsecured loan from relatives , In my opinion the same need not to be shown in IT return

B) Interest in case you pay to your relative will be eligible for deduction subject u/s 24

C) Basic amount of loan will be not be eligible for exemption as also told by Ms.Madhavi above

D) You should file the return even if there is no other income other than your salary

Hope now all your questions clarified

Experts please clarify if I m wrong somewhere

Thanks

Neeraj Khurana

Even if TDS is deducted by your employer, you have to file IT return.

Further If you take a bank loan for the house, you can claim interest deduction u/s 24 and deduction u/s 80C for principal repayment after you get possession of the house. You should disclose these details to your employer.

Mr. Padhy

last date to file income tax return for financial year 2014-15 will be 31/07/2015

but as you are saying that you have only salary income on which your employer is deducted TDS in this case also you are under obligation to file income tax return for financial year 2013-14 also and last date is 31/07/2014 

Hi Members,

I had purchased a under construction flat in Gurgaon in 2011 and took the loan from Axis bank. In Jul'13, I transferred my loan to SBI. Now in Apr'14 I got the poseession of my flat and I decided to let it out at Rs. 8000/- monthly from May'14 onwards. Please clarify the following.

1) What would be the treatment for Interest paid by me prior to getting possession (Appox amt Rs. 5 Lacs from Mar'11 to Mar'14).

2) for current financial year my interest liability is Rs. 245000/-

3) as I took the loan from SBI in Jul'13 and property value is less than 40 lacs and loan amount is also less than 25 lacs. Pls let me know do I eligible to get benefit additional 1 lac u/s 80EE.

If possible please calculate my income from house property for FY 14-15

Thanks All the for your clarification. CCI rocks.....Nice platform to get answer to every tax related query. All the very best to all the members of CCI.