Friday, September 26, 2014

income tax benefit on home loan for under construction property fy 2014-15

Income tax benefit on home loan for under construction property fy 2014-15 ay 2015-16

Some Common Question Asked below on Tax Exemption on home Loan for Property  or FLAT Under Construction ?
  • How to claim Interest on Home Loan Deduction for financial year 2014-15?
  • Income tax rebate under construction flat for assessment year 2015-16?
  • CanI take income tax rebate on house loan during the period the house in under construction.?
  • Income Tax Rebate on Housing Loan in India?
  • Any tax rebate for the stamp duty paid for a house fy 2014-15?
  • Doubt on tax rebate from second home loan?
  • How to take rebate against interest paid on housing loan before taking possession of flat?


Deduction on housing loan principal amount for fy 2014-15 ay 2015-16 | Tax Exemption on Housing Principle Including Registration / Stamp duty

An Individual can get tax exemption on his/her principal amount if it is borrowed from recognized organization  such as recognized banks, financial institutes or from the company where the he or she  employed. Claim can be made for principal amount of housing loan together with other expenses such as registration fee; stamp duty etc from the financial year 2014-15 in which events like purchase, reconstruction, completion etc occurs. However an individual will not  be eligible for tax relief, if principal amount is repaid before construction of his properly or FLAT. If he/she paid after completion of construction, then he can claim maximum of Rs 1lakhs in a year to get deduction from your incometaxable income. 

Deduction on Interest paid under income tax section 24 | Loss on Self occupied house property ( housing loan interest amount)

An individual can avail income tax exemption for  housing loan interest paid in the form of Equated Monthly installments(EMI). He/She can claim your interest deduction up to Rs 2,00,000/- .However, he/she  need to either occupy  or complete the  construction of property within three years from the end of the financial year in which loan is taken. Tax exemption can be benefitted if you could not occupy the house due to your business or employment and your house is not let out during the year.

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