Housing loan and tax claim

There is no rebate for stamp duty or other charge

Interest is to be claimed on accrual basis hence u can claim intrest from dec to feb

ask for a certificate from the bank regarding interest accrued during the year

principle will be allowed on actual payment basis

in case of any query kindly revert back

You will get deduction U/s 80C for paying stamp duty.. but if you claim this deduction, then this stamp duty will not be allowed to form part of your purchase cost when computing your capital gains if you transfer this house in fututre....

Its adviseable that if the stamp duty is large, dont claim the deduction u/s 80C, keep it as part of your cost of acquisition of the house, claim indexation benefit on the cost when you tranfer your house.. this will help you reduce your long term capital gains if you sell the house....

And assuming that the house is occuppoied by u, even the pre-EMI interest can be claimed as a deduction to a limit upto Rs. 150,000/- during this year on a due basis. If you let it out there will be no such limit on interest.

But as the above person said, you will get the deduction under 80C for principal of loan only in the year of actual payment of the amount.

Now things are clear to me . Thanks you all for answering the query.

mr. Sudhir u can not claim u/s 80c of principal payment & int. also

because it will be allowed only actual payment basis

There is no deduction for stamp duty paid under section 80C. Only principal amount is allowed as deduction under section 80C on payment basis where as interest is allowed on accrual basis under section 24.

There is no deduction for stamp duty paid under section 80C. Only principal amount is allowed as deduction under section 80C on payment basis where as interest is allowed on accrual basis under section 24.

Stamp duty, Registration fee and other charges can be claimed as deduction U/s 80C. and withrespect  to the loan, you can claim interest alone as it is accounted on accrual basis and principal to be claimed only on actual payment

 Yes u can claim the rebate of housing loan because interest can be claimed on accrual basis hence u can claim the rebate................

deduction of interest is available on due basis so you can claim loss under the head of house property on account of interest due

Hi, I bought a flat on N/A property, however no bank gives housing loan on these properties. so the builder has given 50% loan on total loan amount. my questions is can claim IT deduction on such a property. will the agreement of sale can be produce as a document of proof. the builder is not ready to provide any certificate because he thinks that he might have to pay income tax if he gives the certificate. please advise, Thank, Ravi.