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JUST ASK ABOUT TAXATION





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Legal Assist Advocates, Manohar Mishra, atheek, sanmay mohanty, Monesh Agrawal, pranav rana, DS Gahlaut, advharshavardhan, MANNEPALLY VIJAY REDDY, Deepak Singla,

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By : DS Gahlaut
On : 03 August 2013

Income Tax Rebate/Deduction from Home Loan Interest

I am a salaried employee in 30% IT bracket who has taken over the possession of only house in Feb 13. The house is neither self occupied (I am staying in another city for work) nor rented and is yet to be registered. I am servicing a loan on EMI basis (approximately 1.6 lacs interest per annum) since FY 08-09. My queries are:- 1. How do I claim this loan amount from FY 08-09 till FY 11-12 now that I possess the house (I am still re-paying the loan interest @ 1.6 lacs per annum) from ITR of FY 12-13 onward? 2. Is there any ceiling on amount which can be claimed per year? 3. What all other rebates/deductions (maintenance amount/property tax/registry charges etc.) can I claim against this house? 3. What is beneficial to me - self occupied house or rent it out (@ approx 20-22 thousand per month)? 4. Is it possible to register the house in my wife's name (housewife) and still repay the loan from my income and claim the rebate/deduction? 5. Any other way to save two pennies?

 

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