Rebate on housing loan interest under section 24 after transferring home loan ?

POSTED BY Roop Narayan ON February 16, 2014 2:04 pm COMMENTS (4)

I have recently transferred my housing loan from SBI to PNB. For the FY 2013-14, the interest component of my housing loan is around Rupees 3,30,000. I live in the same house for which this housing loan is taken. This house has two units, and the other one is on rent @ Rupees 5200 per month. I have added this rental income in my IT return. In this scenario, may I avail a rebate on total interest amount, i.e., Rupees 3,30,000 under section 24 of Income tax act. Please advise.

– Roop narayan

4 replies on this article “Rebate on housing loan interest under section 24 after transferring home loan ?”

  1. ashalanshu says:

    Dear Roop, at least for last ITR, you can file a revised return. For years prior to that, if assessment has been done, you can not do anything now.

    Thanks

    Ashal

  2. Roop Narayan says:

    Thanks Ashal. Section 24 was not in my knowledge earlier. Upper floor of my house is on rent since 2008, and I paid around Rs 3 lacs interest against home loan every year but claimed rebate up to rs 150000 only. Thus, i paid excess income tax for past 5 years. Are there any ways to get excess income tax refund ?

  3. Roop Narayan says:

    Thanks Ashal

  4. ashalanshu says:

    Dear Roop, as the house in question is on actual rent, you can claim full interest benefit.

    Thanks

    Ashal

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