Hi, I purchased flat near to my office and both are in same city (NCR). But I'm living with parents in another City (Delhi) and claiming HRA. I cann't claim 1.5L interest benefit as my flat and office in same location. Taken Home Loan and I'm paying 2.5L Principal and 4L Interest. What tax benefit I can get and how? Suggestion and guidance are welcome.
You own a flat near your office in one city. And you stay in a rented flat in another city. Very intelligent of you!!!! You can claim interest payment benefit u/s 24(b). You can claim principal repayment benefit u/s 80C. You can claim HRA u/s 10 if you fulfill these three conditions: - You have an HRA allowance as part of your salary package. - You are staying in a rented accommodation and paying rent for it. - The rent exceeds 10% of your salary.
Need your opinion about ICICI Home loan in India?
Hi, Please tell me your prompt opinion about taking ICICI home loan in india. What are its pros and cons.? Because some people tell to go with ICICI home loan but some tell not to go. So i got confused.
you see the choice is always yours. only some opinions and suggestions can come from answerer.
Question on home loan tax benefits?
I want to buy a flat which is under construction. I stay in rented accommodation. Can I get tax benefit from interest of home loan as well as rent I pay?
You said that it is under construction. You can claim only after you become the owner of the property i.e after obtaining completion certificate and registration of property in your name. The interest paid during the construction period can be claimed as deduction in the next 5 years in equal installments after you become the owner.
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