Categories
Pagination Scroll
MOHAMMEDYASIN

Home loan interest benefit under 80 EE...
suppose i purchase new property apx. 25 lecs (new residential house).september 2018 my home loan senssion apx.15 lacs aug 2018
so, where i display principal amount of loan and interest its like borrowed purchase or 80EE in FY2019-20
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Interest under 24(b) while showing income from house property and principal can be claimed in 80 C ........I am assuming that the house is under possession ....80 EE cannot be used if any other section is being used ....in this case since 24(b) is being used for interest benefit , so you cannot use...
  • August 15, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Shantanu Ganguly

Home loan interest under 24(b)...
Sir,
I have a Land purchase loan instead of home loan, so can I get any benefit of Land purchase loan in ITR-1. If yes, then in which section I should fill the details to get benefit in ITR-1
Thank you.
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Unfortunately no, the sections 24(b) and 80 EE deals with tax benefit associated only on Home loan interest and section 80 C w.r.t Home loan principal repayment ...but, like the name suggests this are home loan benefits not land loan benefits ...in short, there is no benefit whatsoever available fo...
  • August 5, 2018
  • ·
  • Like
  • ·
  • Select as Answer
raghav bajaj

Home loan interest under 24(b)...
Sir, my mother has a residential house property which was purchased 7 years back, until last year we had a mortgage loan on that property in the name of my father amounting to 28 lakhs , in FY 2017-18 on that property we have taken house loan worth 40 lakh in the name of my father out of which 28 l...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Simply put , if loan has been used for personal purpose , no benefit under 24(b) or 80 C can be taken ..If however, utilization of loan towards property purchase(already constructed) can be shown , you can take benefit ...In this case since the mortgaged loan has been used for personal purpose, as...
  • November 27, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Lokesh Jangid

Home loan interest under 24(b)...
If property on the name of mother but home loan is taken on the father name then I want to show interest deduction on the father account but ITR 3 wants detail of property.There is no co-owner of the property but when i select no co-owner option then it shows 100% property is mine.when I select yes ...
  • Show Placeholder
  • Hide Discussion
   likes this.
Amlan Dutta
You are filing ITR for father right ...if he is paying for 100% of it , then there is no question of selecting co-ownership ...he owns total ownership and there is no co-owner and so you shall select no co-owner and it shall default to 100% ownership for father.....mother shall not come into play at...
  • July 26, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Sanjib Basak

Home Loan interest under 24(b)...
A taxable person received in his bank account Rs 5 Lakh from ICICI Home loan A/c For FY 17-18. Where this amount show in ITR 1?
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Assuming that home is already handed over and self occupied, the home loan repayment for the interest portion can be shown under deduction portion of the ITR while computing income from house property (24(b) ....This has a upper cap of 2 lakh rs and (ii) the principal portion of the home loan can ...
Assuming that home is  already handed over and self occupied, the home loan repayment for the interest portion can be shown under deduction portion of the ITR while computing income from house property (24(b) ....This has a upper cap of 2 lakh rs  and (ii) the principal portion of the home loan can be shown under 80 c ...this falls within the 80 C savings limit( at present 1.5 lakhs) ...say the 5 lakhs is 4.8 lakhs interest and 20,000 principal , then you can show 2 lakhs under 24(b) and 20,000 under 80 C...remaining portion of interest shall be carried forward<br /><br />Check attached image for knowing how to show it in ITR
  • July 24, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Ankit Singhai

Deduction benefit for House property...
Hi Amlan
I took a home loan in July 2015 for a under – construction property. Loan amount ~ 27 lacs
I was being charged Pre Emi interest @ certain rates and time to time I repaid the principle amount

My flat was ready in Dec 2017 (I made complete payment to builder), but actual handover/possession I ...
  • Show Placeholder
  • Hide Discussion
Manjit kumar

Difference in deduction benefit of 24(b) and 80 EE...
Sir, I want to know difference between section 24 and section 80EE Of income tax
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Manjit , both sections 24(b) and 80EE allow for tax benefit for home loan interest repayment ...while we use 24(b) deduction benefit for home loan interest portion while computing income from house property , we use 80EE as standard deduction benefit and not while computing income from house prope...
  • July 19, 2018
  • ·
  • Like
  • ·
  • Select as Answer
mukesh gehlot

Deduction benefit for House property...
Dear Amlan ,my father has an homeloan Overdraft account ,so how can we benifit of interest paid by us in income tax return 80c or section 24..please describe homeloan overdraft account tax benefit under section 80c /section 24
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
The bank /institute shall give a loan repayment statement for the financial year stating how much portion has been repayed towards loan in terms of interest and principal. You can claim interest deduction while computing income from house property as standard deduction u/s 24(b) and(ii) principal...
  • July 18, 2018
  • ·
  • Like
  • ·
  • Select as Answer
S V

Deduction benefit for let out property...
In Income from House Property, there is deduction of interest paid on loan taken for acquiring home or repairs. If my house is let-out, there is no limit on the deduction that I can claim on interest paid for acquiring/repairing home. Now, I want to repair my home. My question is, can this loan for ...
  • Show Placeholder
  • Hide Discussion
Arjun

Deduction benefit for let out property...
Hello siri have taken second home loan for flat in mumbai , its not rented my son is living there, I am living in ambala in my first home loan house .I am getting income tax rebate on first home loan. can I get income tax rebate on second home loan in which my son is living & how much tax exemptio...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
You have to show this property as deemed let out property and show notional rent on it post which you get same deduction benefits as let out property would entitle you to, namely

(1) 30% of net annual value and
(2) loan interest under 24(b) subject to 2 lakhs

(The benefits are for individual proper...
  • April 20, 2018
  • ·
  • Like
  • ·
  • Select as Answer