INTEREST ON HOUSING LOAN & SECTION 80C

Sir,

I am working in NTPC Ltd. I want a housing loan of Rs. 14 lac to purchase ready build home. I can borrow only 7.5 lac from NTPC. The remaining amount I have to borrow from some other financial institution like HDFC, SBI etc. 

Pl. suggest me for better option to take remaining amount of loan of Rs. 6.5 lac.

Regards. 

sir,

After resigning my govt job, i joined a private company. Before leaving, in the current FY, i repaid the entire housing loan taken from the govt. This incuded 3.15 lakhs principal repayment and 3.84 lakhs interest.

Now i am staying in a rented accomodation and paying Rs. 35000 pm. My own house in the same city (for which i took the loan and repaid) has also been rented out for Rs. 4000 pm.

In the current Financial year :

1.  Can i claim HRA exemption since i am staying in a rented accomodation which i donot own?

2. Can i claim interest deduction for the full amount of Rs 3.84 lakhs, and

3. Can i claim deduction inder Sec 80 C for princial repayment upto 1 lakhs

Please clarify

I have purchased a flat in Navi mumbai and pay interest on Hsg Loan of Rs 3.20 lcas PA. This flat is leased and i receive monthly rent of 5,000. I have rented a place in Andheri and pay rent of 20,000 per month. My query is as below

1) Can  Interest on Hsg laon of 3.2 lacs be availed in full

2) I receive HRA in my salary , can i claim exemption under it for the rent paid by me.

I have awailed Home Improvement Loan for a property jointly held by me  & my wife. I claim interest exemption under section 24. However, due to some circumstances, I do not live in that flat. Can I claim HRA exemption as well as Interest exemption at the same time. The property is in mumbai & I work in mumbai as well.

i have taken a housing loan from a bank , my re-payment amount is less than the interest amount , Can i deduct the actual interest amount from my income u/s  24 or the re-payment amount.

Please clarify

Is there any Act in Income Tax for the below mention case :

As per the provisions of Section 24(1) of the Income Tax Act, 1961 Interest paid on Housing loan is eligible for exemption subject to maximum limit of Rs.1,50,000/- in a year.  However if the Individual has availed two housing loan for acquiring two different property, one of which is being let out, an individual is allowed to claim the exemption for the interest paid on both housing loans (subject to maximum of Rs.1,50,000/- for interest paid on Self Occupied Property (Loan-1) and full interest amount of Loan-2 provided the property for which Loan-2 is taken is being let out) during the year. 

Principle amount willbe concider under section 80C and interest willbe consider under section 24B and limit is Rs. 1,50,000.

MAXAMIM 100000/- SECTION 80C EXEMPTION

I am planning to take a housing loan from January 2009 onwards.

1) What is the interest amount which shall be exempted from income tax for the accounting year 08-09, if the interest paid is 1.59 lakhs for 3 months.

Also The loan has been jointly taken by my husband and myself. However he shall not be claiming the exemption for interest.

2) What are the documents required to be submitted to the company for getting deduction for interest on housing loan and principal repayment.

3) Is possession letter required? what if we get the possession letter in the month of february. Will i get exemption for all 3 months?

Thanks & Regards,

Tanvi Gandhi Garg

Hi,

I have 3 queries.

1. I had bought a house which is under construction and it is expected to be completed in February 2009. The Pre -EMI started in September 2008 and EMI starts from February 2009. confirm whether I can claim the PRE EMI interest and also the EMI which i payed for the financial year.

2. The possession of the flat is only on March 2009. confirm if am eligible to claim the HRA from April 2008 to February 2009.

3. Is it possible to claim the interest portion more than Rs.1,50,000 if the property is let out to my father and the rent is shown as Income.
 

Our Managing Director had purchased a flat on housing loan and self occupied since 16.2.2010. Before that he was on rental house (1.4.2009 TO 15.2.2010). How to calculate HRA and income under the head "HOUSE PROPERTY"Pleas any one help me ouT

A.Karthikeyan

Chennai

Mr karthikeyan

dont really know whether u want to find out how to calculate HRA or tax exemption from HRA. If the second option is what u ve asked for, then:-

(i) Calculate 50% of salary from 01/04/2009 to 15/02/2010

(ii) calculate the total HRA paid during this period

(iii) Calculate the rent paid over 10% of salary during this period.

The least of the above three will be exempted from the total HRA received, the rest is included in the taxable income.

Now comnig to the second part of ur question

UR MD is occupying the house himself so he need not pay any tax under head income from house property

Moreover he can claim a deduction towards the following payments:-

(i) u/s 80 C, in respect of the repayment of principal amount of the loan.

(ii) u/s 24 in respect of any payment towards interest on the amount of loan taken.

Finally he can claim the loss under house property (by claiming sec24) as set off from his salary income.

Hope i am able to satisfy u

if I book a flat under construction link plan and registration is made in my name can i am entitle to get exemtion under section 80c for principal and interest paid on partly loan amount disbursed by bank to me.

Pls reply and refer any notification in this regards,

Thanks

What will be the situation if let house deemed income not shown in income from HP and claim interest on let out..it can do so or not.