i have 2 flats. First flat is in name of myself and my father. second flat is on my name only. currently i am paying EMI's on both flat as my dad is retired from his service. Both flat is in same location.
so in last finncial yr FY09, on first flat, my dad and mysel share 50: 50 benefit for prinicle and interest payment. Second flat. i have taken benefit for loan.
now i have joined new company and i have HRA 30000 per month.my actual principle payment around 1 lacs and interest will be around 70000. if i take HRA benefit, i can claim upto 30000*12=360000.
My question to you : 1)is there any HRA limit? 2)Can I get HRA benefit apart from my 1 lac saving 3)i am paying 35000 per month to my dad as rent for first flat AS MY DAD HAS NOT INCOME SOURCE. Can i claim HRA? 4) what will be beneficial to save more taxes PLease guide
Hi I am Babu from Delhi my monthly EMI is Rs. 4582/- per year Principal Amt. is Rs.4069/- per year Interest Amt. is Rs.50487/- how to calculate the tax benefit... pl give the suitable answer.. Thanks
I am govt. employee & I have taken loan from govt. as well as from SBI on the same property . Am I eligible to get benifit for both loan repayment in income tax deduction.
I have taken home loan(house is under construction) for which i have already taken 1st disbursment.Before a week I recevied SMS which says that 2nd disbursment is avaiable now.Unfortunately i am not in my hometown to collect the cheque before 30th Nov.The bank officer just called me on phone and said that i have to collect the cheque before 30th Nov due to month ending.Otherwise cheque will get cancelled and that will create problem for me for getting further amounts.What is the timeframe for collecting such disbursment cheque from bank after gettting alert of it's availability?
I currently have a Home Loan and would like to know if I can claim HRA so that I can cut down on the tax liability. I have heard that if we are not living in that House (for which I have taken a home loan), I can claim the HRA as I am staying in a rented house, closer to the work place. Is there any limit to this distance from the work place to the House against which I have taken the home loan so that I am eligible for claiming the HRA for the rented house that I am staying at?
I currently invest 1 lakhs /annum in PPF and LIC insurance. I propose to take a home loan and build a house outside my current resident city at my uncle's premises. I currently am salaried and get HRA and stay in rented home. I wished to know what is the max tax benefits i can get or is it 1.5 Lakhs/annum the max benefits inclusive of PPF and LIC premium's paid by me. Secondly, if i plan to buy an apartment in my current location should i go for ready to occupy or under construction home, which gives better profits? and how will that affect my current HRA ? Thanks in advance.
Dear sir, I have taken an housing loan for a house in hyderabad.but by the time the flat was ready to occupy i got a job in bangalore and shifted to bangalore.since my family was with me i had to rent the house in hyderabad. now my question is can i claim the tax benefit on prinicipal and interest? the interest i paid is 2.4 laks and rent i got this year is 30,000. so effective intereset paid is 2.1 lakhs. please clarify
RE:reagarding tax benefit on house loan
by Narayan Swamy on Jan 22, 2007 09:13 PM
dear shankar reddy yes you can claim the tax benifit on interest paid up to Rs 150000/-and also you have to declare the income from house property i.e Rs30000/-so you are an salaried person you are not eligeble to get deduction of HRA
RE:reagarding tax benefit on house loan
by N Joshi on Jan 10, 2008 11:48 AM
According to the taxman every citizen can have one house which is considered as self occupied. you get the interest deductions to a max of 1.5 lacs/ or your interest amount paid- which ever is less. As far as rent is considered you can claim rent( if your company offers tax exemption on HRA to a max of 40% of your basic salary) for a house that is occupied by you but not belonging to you for staying on rent with due rent agreement. However if you further purchase one more house in your city of working, then you have to shao income from House property as follows: Actual Annual rental income / notional value of rent = A minus Property tax = B A-B = C on C which is the balance amount multiply C by 30% = D ( deduction for house maintenance charges as allowed) C -D = E From E minus the total Interest paid for Housing loan for this house, here there is no ceiling for interest it could also be more than Rs. 1.5 lacs. E- Interest paid for Housing loan = F F is the income from the housing property that you have procured at your place of work. The total Interest paid for your self occupied house at your other city is also added to this and this gives you the total Income from House property. HRA Exempt is different from this and can be claimed seperately as per Section 10 of IT act, provided it is not your own house & you show a rental agreement that you are staying on rent on other's house
If personal loan is utilised for housing constn./ purchase of H.P,whether can entitle the assessee to claim deduction under section 24 and 80c. Or whether there is any other exemption/deduction claimable for taking personal loan utilised for constn./purchase? Please clarify.
HRA can be claimed only if rent is being paid and interest can be claimed if interest on housing loan is paid. If both are claimed then it means that the person is not residing in his house and residing else where. In such a case the rent from the house property shall also be shown. Even if the house is not let out then the deemed income (meaning that if the house was let out then the rent that would have been earned) from such property must be shown.
