Friday, September 26, 2014

Income tax exemptions on home loan interest amount fy 2014-15 ay 2015-16


Income tax exemptions on home loan interest amount fy 2014-15 ay 2015-16
General Questions Asked

  • How much can I claim for exemption out of interest and principal amount of home loan or proper loan.
  • Housing Loan Interest Tax exemption query?
  • What is the tax exemption, if one buys two flats in the same financial year 2014-15 and assessment year 2015-16
  • Income tax benefit to two home loans before possession?
  • what is home loan interest tax exemption limit is it limited to 2 lakhs?

Section 80EE Deduction on Interest on Home Loan,Tax Benefit on Home Loan: Section 24, 80EE & 80C,Tax savings for Home loan interest under Section 24 B

  1. Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property  is Rs.200000/-.
  2. Loan taken before 01/04/1999, interest restricted to Rs.30000/-
  3. Housing Loan interest taken for renovation/repairs restricted to Rs.30000/-
  4. If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/-
  5. Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired.
TAX BENEFIT Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property  is Rs.200000/-. Loan taken before 01/04/1999, interest restricted to Rs.30000/- Housing Loan interest taken for renovation/repairs restricted to Rs.30000/- If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/- Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired.
Home Loan Interest Amount Tax Exemption fy 2014-15

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