Tax deduction and Interest on Housing Loan

Income Tax Income from House Property
1

Can my wife and I both claim interest on the housing loan?

2

Hey Shubham,

Each joint owner/ co-owner and a borrower can claim Rs 2 Lakhs interest deduction – In case of a joint home loan for self-occupied house property, each of the owners can claim Rs 2 Lakhs in their tax return. The total interest is allocated between them based on their share of ownership.

3

Sir/Ma’am,

I have been transferred in the month of october. At my previous place of posting I was getting lease cheque directly from my employer and at my current place of posting I am getting HRA.

So how can I get HRA reg tax savings in ITR as there has been lease to HRA change from october 2020 onwards.

Regards,

Monu Gulshan

4

Hi @MONU_KR

You can calculate the exempt amount of HRA and declare the same in the ITR so as to save the taxes.

You can use Quicko’s calculator for calculating exempt amount of HRA.

Also if you have submitted the receipts to the employer must have calculated exempt House Rent Allowance and deduct the same from the employee’s taxable salary. You can know exempt house rent allowance from your Form 16.

HRA will be calculated on a pro-rata basis i.e from October 2020 till March 2021.

Hope this helps!

5

For FY 2020-2021, Six months I ,ve been on company provided lease(i.e. from APRIL 20 to Oct 20) and thereafter I have been on HRA for rest Six months(i.e from OCT 20 to March 21).

Above calculators are not helpful to me.

Kindly assist will I be eligible for tax exemption.

Regards,

Monu Gulshan

6

DOES NEFT transaction TO OWNER WORKS AS A PROOF OF RENT RECIEPT AS MY OWNER IS NOT PROVIDING RECIPT

7

Can we also claim property taxes while calculating income from House Property?

8

Hi @Dixita

Property tax is levied by the Municipal authorities on the real estate which consists of a house, office building and premises rented to third parties. While calculating Income from House Property, the net annual value is calculated by subtracting municipal taxes from the gross annual value of the house.
Therefore you can claim property taxes while calculating Income from House Property

9

I receive HRA as part of my salary, how much of it is exempt from income income tax?

10

Hi,

The lowest of the following is exempt House Rent Allowance from Income Tax:

  • Actual HRA received from an employer
  • 50% (for Metro) or 40% (for Non-Metro) of Basic Salary
  • Annual Rent Paid – 10% of Basic Salary

You can use HRA Calculator to do the calculation for you :slight_smile:

11

2 posts were merged into an existing topic: Tax Filing on Quicko

13

Hi,

I have home loan which I took in Feb 2020 and the property construction is still going on. I have been paying EMI for it and currently I am staying on rent and the value exceeds more than 1 lac for the financial year. Can I claim HRA and Interest paid for house property ? If yes then how. I have also not filled rent paid amount in income tax website.

14

Hey, For this financial year, you can calculate and claim the exempt HRA, you can not claim housing loan interest.
As you mentioned that construction is still going on for the house on which you have taken the loan it will be considered as pre-construction interest. Pre-construction interest can be claimed equally for 5 consecutive years from the year in which construction is completed.
Hope this helps