4) If we pay interest on the properties under construction, then this amount of interest is divided after the property by 5 installments, then its only payment will be added to the limit of 200000 or not..? (The remaining 4 payments of Rs 28,000 can be claimed in FY 2015-16, FY 2016-17, FY 2017-18 and FY 2018-19 as pre-period interest in addition to normal/post-construction interest for the respective financial years.) My question is this: I booked an apartment under construction. My EMI home loan started in April 2016. I will receive my belongings and registration by November 2016. Please let me know where to indicate in the tax return the rent I received for the “Let out” properties, while claiming the deduction of interest of more than Rs 2 lakhs on a home loan. Now my question is: – 1) What is the previous amount of interest that I can claim year after year for the next 5 years? You can see that the date of the credit assent is may 2011 and the date of ownership is February 2017 2) Since I was taken in possession in February 2017, can I claim interest from the previous period while completing my ITR return for this year? 3) What documents do I have to present when claiming interest from the previous period? I took out a mortgage for the construction application in August 2013 and took possession of it in October 2015. I have a question about the five-year term for properties under construction under section 24. Will this clause apply to anyone who purchased a property before AY 2017-18? I would be happy for confirmation of that. I am interested in the fiscal year 2011-12 as 90,000 / – and the interest for the fiscal year 2012-13 as 2.13000 / – I received the completion of the house on March 30, 2013. How much can I claim as a loss? only Rs.150000? of which 18000/- (1/5 of 90000) or 2.13000/- + 18000/- with indication of 0 monthly rental income as Rs.0. (Completion on March 30 is not my fault, I would have given it in rent if the house had been completed in January 2013 and considered 3 months of rent as income. Can I consider it as loaned for 0 months instead of considering it self-inhabited?) One last question. Quick help – I live in my own property and recently bought another apartment under construction.
I will be taken possession after 4 years. Question:Where in ITR2 1) Do I have to enter the details of the properties under construction? 2) Where can I enter the pre-IME and interest details so that I can claim after possession. 3) I also paid TDS when buying real estate. Where do I enter the details of Form 16B Dear Santosh, Yes, you can claim interest payments made from April 16 to March 17 (as part of your IME) in accordance with Section 24 of your tax return form. The majority of your IMEs may be claimed in accordance with Article 80c. Please note that if the property itself is inhabited, a maximum of Rs 2 lakh u/s 24 can be claimed. Read: Home Ownership Income and Tax Benefits for Home Loans. Dear Bunti, 1 – Do you mean that “it is necessary to attach the loan certificate with the tax return”? If so, it is not mandatory. 2 – The main element of the `previous period` cannot be relied on. Step 5: Pre-period interest is the total interest payments made between July 2012 and March 31, 2014.
Thus, the total interest paid during the construction period is Rs 1,40,000 (Rs 60k + Rs 80k). This amount can be claimed in 5 equal instalments of Rs 28,000 each from the 2014-15 financial year (AY 2015-16). The Income Tax Act allows advance interest to be claimed from the date of borrowing until March 31, before the end of the fiscal year in which construction is completed. I bought a house under construction in February 2012 and applied for a home loan in March 2012. The home loan was sanctioned in April 2012, but the first payment to the builder was made in May 2012. Prior period means the period from the “mortgage loan loan date to the end of the fiscal year” immediately preceding the fiscal year in which the acquisition was made or construction was completed. In February 2012, I bought a property under construction with my father as co-owner and co-borrower. EMI started shortly after the first payment in February 2012. The property was handed over to us in November 2015. If you look at a final or preliminary home loan statement from the bank, you may find something “pre-IME interest,” but such a pre-IME interest rate shown on the loan statement doesn`t necessarily have the same meaning as rod time under the Income Tax Act.
According to Bank Pre-EMI`s interest, interest is interest due until the first instalment begins. Therefore, the term used in the bank statement or credit certificate is not defined in the same way as the Income Tax Act. I will take possession of a house under construction on January 30, 2016. Could I still go ahead and present my employer with proof of interest indicating that the property is self-inhabited, even though the deadline to submit proof is January 15.. Dear Mohit, The choice of ITR depends on your sources of income. Please read my article: Which ITR form should be submitted? Q. Can I claim the amount of principal paid during the period from April 16 to March 17 in the ITR form that will be released on July 17? , in accordance with Article 80C. Yes, you can claim the deduction for interest on the 2013-14 home loan plus 20% interest from 10/10 to 13/3 of the rented income. Another net loss of home ownership can also be adjusted based on wage income, while tds are supplemented by the employer`s salary/ddo. It is under section 192 of income tax.
In addition, you can refer to paragraph 9 of the tds of the current year to the salary circular 8/2013, which is available herewww.simpletaxindia.net/2013/10/how-to-calculate-tds-on-salary-fy-2013_12.htmlMoreover, if the employer does not allow it, you can claim it when filing the tax return, if this also poses a problem. Dear Kalyan. Is it a self-used property? If this is the case, the construction must be completed within 3 years of the date of disbursement of the loan. Unfortunately, in your case, it`s 5 years (construction period), so I believe you can`t claim interest before the period. 2 questions: 1- I forgot to claim the above interest discount after possession, what are my options now for the lost year? Can I add 20% last year + 20% this year and take a total of 40% discount this year or can I take 20% each year from fiscal year 2015-16? 2- What about interest paid between April 2014 and December 2014? Where can I benefit from it? I had about 1 year of vacation – repayment period. I started paying EMI in June 2015. So, to date, I have paid – 7 EMI. Please read: Income from home ownership and impact on income tax! Thank you for your reply.
Is it enough to show only 2 months` rent (February 2017 and March 2017) without any other supporting document to claim interest all year round, or do I have to file a document that I only get for 2 months` rent? Can you keep us informed about the wealth tax? What is it and do we have to pay the same for the second home? Sorry for the extended question. Dear Tarun, 1 – Gurgoan House: Is it a joint home loan? Is it true that only your spouse benefits from all the tax advantages? 2 – Will you declare the Chennai property as self-inhabited? If this is the case, you cannot claim interest for the previous period. An IPP can only be applied for if construction is completed within 3 years of the disbursement date of the FY loan. The wealth tax in India was abolished and abolished as of 1 April 2015. I took out a loan of 20 lakhs in January 2016. My IME is 21000, amount paid by the bank in stages Every month from February 2016 I receive a deadline to pay only interest. But I set the grinding instruction to 21000. so I pay 21000 per month In September 2016, I submitted the construction certificate, and then the bank paid the final amount. but so far I only have to pay interest, I took out a mortgage in June 2011 and I took possession of it in July 2015. .