Tax benefit from home loan repayment and stamp duty

ITR 588 views 4 replies

vicky

employee

25 Points Joined July 2014

Sir,

I have purchased a house from private builder who built it over a period of 3 years. Payment was made directly by loan providing govt agency (total Rs 25 lacs) as per demand raised by builder in last three years. i have got the possession and registry of house (Rs 2 lacs) in June 2014. Till now in have not claimed any tax benefit and my tax has been deducted by govt employer. plsease advice on following:

(a) what all tax benefits can be claimed

(b) whcih ITR forms filining return and what all sections to be filled

thanks and regards

vicky

Replies (4)

Dev

Article Trainee.

613 Points Joined July 2012

Interest paid upto march'14 is allowed in 5 equal installment and interest paid during fy 14-15 can be claimed u/s 24(if self occupied upto 2 lacs for AY 15-16). Principal paid during fy 14-15 is allowed as deduction u/s 80c.(maximum deduction up to 1.5 lacs u/s 80c.)

vicky

employee

25 Points Joined July 2014

thanks for help

while filing ITR2 on house property tab it asks for 'interest payble on borrowed capital' (cannot exceed Rs 1,50,000/-). what to be filled in said coloumn:

(a) total interest paid in last three years (which is greater than 1.5 lacs)

(b) interest paid in fy 2013-14

please advice

regards

vicky