Rebate on home loan interest
Please clarify 1.whether the 3 year cap to get possession of home after loan was taken, applies to a rented out property also. 2. This budget, the limit has been raised to 5 years. I got possession in Jun 2016. The first loan was taken in f/y 2012-13. 3 years ended in March 2016. But it is within 5 years. Now , how much will be my rebate limit for self occupied and rented?
Thank you for the quick response. Now, on the same home loan rebate- I and my wife are co-borrowers of the loan as well as co-owners of the house. However, the ECS for loan repayment is being paid from my single, salary account only. Is it possible to claim deductions for my wife also, in case we self occupy it ? In that case, we would be able to claim more than 2 lac deduction.
If you are paying the EMI, only you will get the deduction. However, if your wife is also paying the EMI or you can show that your wife is transferring the EMI amount in your account then you both can get the deduction.
Please feel free to revert in case of any doubts
Thank you. As I understand, if I rent out, there will be income from house. This can be offset with the loss from house in the form of interest payment on home loan. Other than this, can I add say Maintenance charges, woodwork, repairs etc to the losses? What all proofs are required to be given to the employer, so that he can adjust my TDS accordingly? This is the last question on this. Thanx
Dear Sir,
You get deduction of 30% from your rental income tobcover all these expenses.
Please feel free to revert in case of any doubts.
I think your conversation is going on with our colleague. Let the same continue and will not give opinion on this . If further clarifications mail us on modani005@gmail.com
Hello Sir,
The Rebate for Self Occupied Property is upto Rs.2 Lacs.
There is no upper limit for Let Out Property.
Please help us with the details in order to guide you in a proper manner.
Trust this clarifies your query.
Feel free to call back/ get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Hello Sir,
You cannot claim such expenses but yes you will get a flat deduction of 30% on your rental income.
Please help us with the details in order to guide you in a proper manner.
Trust this clarifies your query.
Feel free to call back/ get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.