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POSTED BY ON May 14, 2013 1:21 pm COMMENTS (6)
I am planning to start Normal EMI (Not Pre-EMI) during the Partial disbursement of Homeloan. I mean no morotorium period for the loan. Any calculator calculating the Partial disbursement and EMI paying?
How do I claim the Income Tax benefits for the EMIs I pay before posession?
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Sir; can anyone pls brief me up about home loan ( principal & interest) exemptions. I have paid rs.1 lac 58 thousand against interest and rs. 38000/- against principal amount. I have shown investment of rs.80000/- under 80C. Wot amount I am given exemption.
You will get exemption of 38k under 80C for principle ! , rest you need to invest in 80C !
Dear Kariyan, HRA benefit is different than home loan benefit. Both can be availed at the same time. As far as question of availing pre possession term interest, it’s available in 5 equal installments starting from the FY when you get the possession of the house. Please do note in case of a self occupied property, the total interest ‘ll be limited to 1.5L Rs. i.e. current interest + old 20% interest.
Whereas for a rented out property, there is no limit of interest. so in this case, you can claim current interest + 20% old interest even after the 1.5L Rs.
Thanks
Ashal
Thanks for your reply.
Dear Kariyan, you can claim only principal repayment benefit within the overall limit of 1L Rs. under section 80C, during under construction phase.
The calculation ‘ll change with each disbursal, in terms of interest charged & accordingly the principal repayment ‘ll also change. You can demand a loan amortization schedule from the bank to understand it.
Thanks
Ashal
Thanks for the reply..This means there is no loss just because EMI started immediately after the initial disbursement.
Could you please validate this ? This snapshot taken from NDTVProfit.
“.. you are eligible to claim HRA.
In the case of tax breaks on the home loan, you can claim tax benefits only for your principal before the completion of your house. Once your house is completed, you can claim tax benefits on the total interest paid up to the date of completion in five equal installments in five years beginning from the year of completion. ”
http://profit.ndtv.com/news/your-money/article-home-loan-and-hra-how-the-tax-works-out-317314?pfrom=home-otherstories