tax rebate on home loan interest 2014

Pre Construction/Acquisition Interest Rs 3,55,000 ( Rs 5,00,000*71 Months*1).
It can be used to claim deduction for five years after possession.Pre Construction/Acquisition Period.Do remember to disclose these facts regarding your Interest on home loan and principal repayment details timely to your employer so you can save tax.(Visited 8,056 times, 4 visits today).The loan has to be sanctioned by a financial institution between April 1, 2013 and March 31, 2014.Note that In case your property is Let Out or when you have more than one self occupied property and one or more of your property is considered Deemed to be Let Out the apple gift certificate expiration entire Interest is allowed as a deduction from the Rental.Do you know about all housing-related expenses eligible for income tax deduction?No limit is applicable to let out property.For under-construction houses, deduction is available only after the house is built.What if your salary does not have an HRA component or you are selfemployed?
With the increase in limit of Deduction that can be claimed under section 80C to Rs 1,50,000 there is an added benefit for those who have home loans.
But what most people don't know is that the deduction on principal payments is allowed only if the house is fully constructed.
Assessment Year 15-16 Case 1 Case 2 Case 3 Case 4 Gross Total Income -Deduction under section 80C -Deduction under section 80EE 1,415,000 50,000 Nil 1,350,000 50,000 Nil 1,350,000 50,000 Nil 1,350,000 50,000 Nil Net Income 1,365,000 1,300,000 1,300,000 1,300,000 In Case 1 assessee would.
Section 80 GG says that an individual can claim the least of the following three as deduction: 1) Rent paid in excess of 10 of the total income; 2) 25 of total income; or 3) Rs 2,000 a month.
We demystify the subject for you.
Deduction on Rent Paid in Absence of HRA.Home Loan Principal Repayment, home loan principal payments are deducted from taxable income up to.5 lakh under Section 80C of the Income Tax Act.Interest on home loan is allowed under section 24b while principal on home loan is allowed under section 80C.Credit protection insurance covers the outstanding loan, which decreases with time.6) Interest on borrowed money which is payable outside India shall not be allowed as deduction under section 24(b unless the tax on the same has been paid or deducted at source and in respect of which there is no person in India, who may."The premium is eligible for deduction under Section 80C.1.5 lakhs can be claimed under section 24(b) and the excess amount upto.The government had allowed a special deduction of up to Rs 1 lakh on interest paid on loans not exceeding Rs 25 lakh taken to buy a house worth less than Rs 40 lakh.The assessee does not own any residential property at the time of sanction of loan.Case 4, income from salary 1,500,000 1,500,000 1,500,000 1,500,000 -Deduction under section 24(b income from house property 85,000 (-)85,000 150,000 (-)150,000 150,000 (-)150,000 150,000 (-)150,000.Alok Patnia, founder of m can be reached at ( ).Since these schemes are treated as single-premium, the total premium paid can be deducted in the year it is paid says Mohit Rochlani, chief marketing officer, IndiaFirst Life Insurance.