House Loan Income Tax Rebate

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  1. Nipun Anand

    Nipun Anand New Member

    I have taken a Home Loan on a house purchased by me. The house is not occupied. How much income tax rebate can I claim and can electricity bill, property tax or maintainence charges be claimed as negative income.
     
  2. Neha Sharma

    Neha Sharma Active Member

    As the house is not self occupied, there is no limit on the amount of deduction you can claim for payment of interest on home loan. The whole amount paid as interest can be claimed as a deduction.

    The property tax paid can also be claimed as a deduction.

    This file explains in detail the computation of Income from House Property -http://www.du.ac.in/fileadmin/DU/Academics/course_material/TM_06.pdf
     
  3. johnsmitchals

    johnsmitchals New Member

    You may be eligible to take the first time home buyer credit if you were an eligible buyer who purchased a home as your primary residence, eligibility varies depending on the year of your purchase. This credit reduces your tax bill or increases your refund depending on tax you owe.

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    Last edited: Mar 15, 2014
  4. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    Under Section 24, you can claim Property Tax & Interest on Housing Loan Taken.
    Interest on Housing Loan will be Max 1.5 Lac if it is self occupied or Deemed Let out Property. However no Limit for Let out Property.

    Under Section 80C, you can claim Deductions for Principal Amount of HL. (Max. 1 Lac)

    If loan is taken after 1.4.2013, than Additional Benefit,...
    Under Section 80EE, for Housing Loan Interest. (Max 1 Lac)

    * No Benefit for - Electricity Bill or Maintenance Charges etc. shall be avail.
     
  5. divyamilan

    divyamilan New Member

    I have a similar query.
    Suppose I have salary income of Rs. 10 lacs. Rent income recd. is Rs. 1 lac. Interest paid on housing loan is Rs. 4 lacs. How much deduction will be allowed.
     
  6. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    @divyamilan

    Salary Income.........................................................10,00,000
    Income From House Property:-
    ..Rent Reveived.............................1,00,000
    Less: Deductions u/s. 24 :-
    ..(-) Interest Paid on HL.............(4,00,000)..........(3,00,000)
    ..................................................................................
    = Taxable Income (Rs.)...........................................7,00,000
    ..................................................................................

    Tax Will come on Rs. 7,00,000 /-

    * Pls. Note Figures with Bracket Indicates Negative Figure.

    * Interest Paid on Housing Loan will allow Full, only if,... that same loan has been taken for Rented Property, from which you are receiving rent...

    * If Interest Paid on Housing Loan is taken for Self Occupied or DLOP than the Interest will be Maximum Rs. 1,50,000 /-
     
    Last edited: Mar 15, 2014
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