I took Rs 10 lak home loan on december 2013 in our EMPLOYEES society for building home at Tamilnadu for my parents. I was a bachelor at that time. I am working in Kerala. still i am paying emi and getting tax benefit. now in kerala i booked flat recently after my marriage . Wife is co applicant. Flat will be completed by july 2017.
I am planning to apply for a SBI Home loan for Rs 35 lak. How i can claim tax benefit. because for me this is second loan but for my wife it is a first loan. is it possible to claim second loan as a self occupied loan because of high value (35 lak) loan while paying first loan ( only 6 lak remaining).
Pls help me
1 Answers
Hi,
Kindly let me know, if your wife is a Co-owner of the new property? (or) Is she just a co-borrower on home loan?
If you have two self-occupied properties, you can consider any one (of your choice) as let-out and the other one as Self-occupied.
But kindly do not claim HRA (in case you claim the Kerala property as Let-out one). You have to show the rental income from TN property.
Kindly note that you can claim tax benefits after taking the possession of the property only.
Kindly go through below articles;
http://www.relakhs.com/self-occupied-property-tax-hra-home-loan/
http://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/
http://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
http://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
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