I had taken a houing loan 23 years ago and repaid the same. House given on rent Now I have taken asecond loand for a anew house also given on rent If I take a 3rd loan for a 3rd house which is not given on rent how do i claim inerest benefit
as i will not be staying in the 3rd house can i claim int benefit and if so to what extent
RE:Housing loan
by Amitabh on Jun 03, 2007 07:25 PM Permalink
For the house which is treated as self occupied under the income tax law,the interest is deductible while calculating the income from house property upto Rs.1,50,000
Dear mr. shanbag, while it is very nice to wish that the housing finance companies would treat entire emi as principal and keep interest as collectible, the objective of every company would be to first adjust the EMI against the interest receivable on loans granted and not otherwise!
i have two houses in hyderabad and both are let out and i stay near to the office by paying rent. Can i claim the for both the housing loans by showing both the loan amounts and the amount i get from them by let out, and above all can i also claim the Rent.
RE:Query on 2 housing loans
by Upadrasta PardhaSaradhi on Jun 03, 2007 05:25 PM Permalink
you can do it. You have to show the income you get out of giving your houses for rent and you can claim both HRA and Tax excemption provided you show proper evidences.
Hi, I have taken a home-loan for a house in Chennnai and I am employed in Bangalore. Now, I get a deduction of 1.5L on my taxable income. If i declare that i have "Let out" this one to my parents for a nominal rent, can i get more deduction? ~ Vinodh
RE:Let out Premises
by Amitabh on Jun 02, 2007 03:38 PM Permalink
In a way you are right.if house is on rent,deduction of interest is allowed without any limit.
RE:RE:Let out Premises
by M Anand on Jun 02, 2007 06:24 PM Permalink
Hi Amitabh The deduction of interest is allowed with out any limit for let out property. But that should be claimed only on filing return of income. Your employer cannot give deduction for property which is let out.
RE:Let out Premises
by Amitabh on Jun 02, 2007 08:33 PM Permalink
That is OK.But at least the interest will be allowed,even if you claim it in your return.In case of self occupied property,interest beyond rs 1.50 lacs is not allowed.And,in case even after deduction of interest,your income from house property stays positive,you only will have to pay tax,there is no question of any return fromincome tax department.
RE:Let out Premises
by Vinay Joshi on Jun 02, 2007 12:13 PM Permalink
No need. You are eligible for a deduction of Rs. 1.5 lakhs and live on rent in Bangalore. You are eligible for HRA as well as deduction on that, becuase its impossible for you to stay in Chennai and work in Bangalore.
If husband has housing loan and takes second loan jointly with wife.Can its payble interest be divided appropriately to both for tax benefit if loan aggrement is also jointly??
RE:If husband has housing loan and takes second loan jointly
by Amitabh on Jun 02, 2007 03:46 PM Permalink
if the house is in joint names,and both have separate incomes and the repayment of the loan is also joint,both will be treated as house property owners and the provisions of the income tax law will apply accordingly.The share in the co-owned property must also be defined.
RE:If husband has housing loan and takes second loan jointly
by MOHITE SAN on Jun 02, 2007 04:04 PM Permalink
My cousin name is Amitab akolkar and he is in london are you the same
