Hi Sreekanth Reddy,
Hope you are doing well. Below is my query,
I had booked my flat in Greater Noida in Oct 2013 and since then I am paying EMI. IN August 2017 I got the possession of my flat. As per your article the Prior Period is Oct 2013 to March 2017. Till now I have opted for Balance Transfer of my Loan Account twice first in Jan 2014 and then in July 2017. Now I want to claim of Tax rebate on Interest I paid so far which is as below.
Financial Year
Total Interest Paid
Interest Paid In FY 2017-2018
227162
Interest Paid in FY 2016-2017
247559
Interest Paid in FY 2015-2016
255641
Interest Paid in FY 2014-2015
205622
Interest Paid in FY 2013-2014
61856
Bank Name
FY
Interest Paid
Principal Paid
Account Status
INDIABULLS
Oct 2013- Mar 2014
61856
0
Apr 2014- Dec 2014
163210
0
Account Closed
AXIS
Jan 2015- Mar 2015
42412
0
Apr 2015- Mar 2016
255641
0
Apr 2016- Mar 2017
247559
88177
Apr 2017- Jun 2017
59740
24194
Account Closed
ICICI
Jul 2017- Mar 2018
167422
69050
Account Activated
Total Interest Paid Till Date
997840
As I need to submit docs for tax rebate, could you please let me know what all docs I need to submit to my Organization?
- SOA from previous banker till Oct 2013 – March 2017 & then SOA\Re-Payment Schedule From last Banker with Interest Certificate from Current Banker for FY 2017-2018?
- Received Possession Letter from Builder?
- Any Utility Bill required submitting for possessed property?
- As I am staying on rent in same city, Can I claim HRA along with Tax rebate on my property?
- Any other doc I need to submit?
- Lastly, how much tax rebate I can get with this particular case?
- As illustrated by you, from Oct 2013 – March 2017 (Interest Paid is Rs 830418) can be claimed in 5 equal installments of Rs 166083 in next 5 financial year and Rs 227162+166083=393245 (max up to Rs 200000 for current Financial Year and same as in subsequent financial year with limit up to Rs 200000?
2 Answers
Hi,
1 & 2 - Yes, you can submit the loan ac statments and also the Possession certificate.
3 - I dont think utility bills are require..
4 - Yes, HRA till the date of possession can be claimed (if you are occupying the property in this FY). If you are renting it out, then HRA for full year can be claimed.
7 - Yes, your understanding is correct.
Related articles :
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/
Hi,
Yes, you can claim HRA for the whole FY.
But, in case, you claim tax benefits on home loan of the property, you can declare it as 'let out property kept vacant'. The rental income is NIL.
Kindly read :
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
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Thanks for quick response. Only doubt, If I got possesion but not staying in it also not letting it out on rent. Can I claim HRA for rent I am paying for my staying for this whole FY?