Hi Sreekanth,
Thanks for your clarifications you have provided before in fbchat and first time I am posting here...
I have registered my villa plot in June 14,2017 and it's in under construction and I have taken loan at HDFC and started paying EMI's and I have submitted HRA for my rented house got rejected by saying some document issue and I have provided Villa registration document instead of pocession and submitted my House loan principle and interest amount and both got rejected.
My villa construction is completed and going to get possession end of March 2018. So,Now my question here is...
1) if I submit House loan interest and principle amount with possession...can i claim the whole amount ?
2) For submitting my current rented house HRA...what are all the documents do I need to submit during IT Returns submission ?
Hoping for the quick reply...
Thanks,
Venkat Reddy
1 Answers
Dear Venkat,
1 - One needs to get the possession of the property to claim tax benefits on home loan.
2 - You can claim HRA as well for this FY till the date of possession (if self-occupied). What is the reason for rejection of your HRA claim by your employer.
You need to have rental agreement, rent receipts & landlord PAN details to claim HRA.
Even if they reject your investment proofs, you can still claim HRA when filing your Income Tax Returns. There is no need to submit any proofs to the IT dept along with the ITR. But, you need to maintain the required documents for your future reference (if any).
Related articles :
https://www.relakhs.com/income-tax-declaration-investment-proofs-list-employer/
https://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/
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