I taken home loan of Rs. 10 lakhs (in instilments during 2003-2005 as per the demand from CGHS) from Canara bank in 2003 for five years and started to repay the EMI from very next month in July 2003 . The whole balance loan was paid at the time of my retirement in June 2006. However due to none of our fault and even of the society the house was not allotted for the want of clearance from Registrar though apartments were ready to move in . Finally last month in October draw was held by DDA and we may get the possession of flat in this financial year. Can I get the tax deductions in equal installments on the tax paid on the loan and principal in next few years? I read somewhere that I can divide this into five installment and claim the deduction after getting the possession of the flat. I shall appreciate for your advise.
Re: Home Loan
by saleemoddin on Feb 24, 2009 02:15 PM Permalink
yes, you can get the tax deductions. You can calculate your income tax at website:payit dot in
Re: Home Loan
by saleemoddin on Feb 24, 2009 02:16 PM Permalink
yes, you can get the tax deductions. You can calculate your income tax at website:payit dot in
I taken home loan of Rs. 10 lakhs (in instilments during 2003-2005 as per the demand from CGHS) from Canara bank in 2003 for five years and started to repay the EMI from very next month in July 2003 . The whole balance loan was paid at the time of my retirement in June 2006. However due to none of our fault and even of the society the house was not allotted for the want of clearance from Registrar though apartments were ready to move in . Finally last month in October draw was held by DDA and we may get the possession of flat in this financial year. Can I get the tax deductions in equal installments on the tax paid on the loan and principal in next few years? I read somewhere that I can divide this into five installment and claim the deduction after getting the possession of the flat. I shall appreciate for your advise.
I am working in Mumbai from August 2008 and have taken a flat on rent in Kolkata before coming to Mumbai and have paid rent for the month of April to July for Kolkata House. Now can i claim exemption u/s 10(13A) from HRA received from Mumbai office for rent pai for kolkata house.
My house construction got completed on March 1st week 2008 and EMI started on Feb 2008. I have declared HRA for FY2007-2008 and now I can claim IT excemption for House loan Interest paid during Holiday period (Pre-EMI)?
I have following ambiguities regarding Income tax benefit against Home loan repayment:
I am working in ranchi,Jharkhand.My permanent residence is in West Bengal where my parents stay.I am unmarried.My annual income is 4.3lakhs. If I buy a Home/Flat in west bengal and no one stays there from my family,can I claim IT deduction against home loan from my employer?
i and my wife both have taken a home loan, for a flat which is under construction and we will get the flat in jan 2010, The home loan company will pay in parts to the builder. Right now we are staying in a rented house.
What tax implication and benefits do we have We both are working and taken 50:50 loan
You mentioned "Your home must be at a considerable distance for you to stay elsewhere." What is the considerable distance officially? My company is not agreeing on this , My loaned house is in Yelanka,bangalore and I work in Koramangala,Bangalore. This is more than 20kms.
