Interest On Housing Loan Deduction For Ay 2017 18

Claiming home loan interest tax break on rented house. If you have not claimed the deduction in the ay 2017 18 for the pre construction period.

Income Tax Exemptions Fy 2017 18 List Of Important It Deductions

interest on housing loan deduction for ay 2017 18

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Get to know tax benefit on home loan interest for the fy.

Interest on housing loan deduction for ay 2017 18. My question is which it return form should i use to fill my tax return for the fy 2017 18. Interestpenalty on unpaid interest shall not be allowed as deduction. 2017 18 if you paid interest on housing loan then there is 2 section where you can claim the deduction.

2019 20 ay2020 21 available for home buyers with and without home loans. Interest paid on loan taken to buy the property can be set off from the taxable income. The deduction shall be allowed irrespective of the nature of loan whether it is housing loan or personal loan from any personinstitution.

In case a new loan is taken to repay the earlier loan then the certificate should also show the details of principal and interest of the loan so repaid. Know all about the tax saving benefits available under the income tax act for fy. July 8 2017 at 1201 pm.

To calculate yours click here home loan tax benefit calculator talking about tax benefit on home loan interest a major change in financial year 2017 18 is deduction on home loan interest which is now same for both rented and self occupied property ie. Till march 2020 interest on home loan deduction for affordable houses of up to rs. In fy 2016 17 ie.

Tax benefit on home loan for payment of interest is allowed as a deduction under section 24 of the income tax act. List of income tax exemptions fy 2017 18 ay 2018 19 chapter vi a deductions list section 80c. As per section 24 the income from house property shall be reduced by the amount of interest paid on loan where the loan has been taken for the purpose of purchase construction repair renewal reconstruction of property.

Please note with effect from financial year 2017 18 govt has restricted the limit of set off of loss from house property against other heads of income to rs. How much tax benefit can be claimed on housing loan interest. As the repayment comprises of 2 different components the tax benefit on home loan is governed by different sections of the income tax act and these are claimed as tax deductions under different sections while filing the income tax return.

For the 2nd house i wish to claim deduction of interest on housing loan under section 24b. 40 lakhs is available as. Budget 2017 has bad news for you the budget proposes to restrict the loss on house property that can be deducted from other heads of income such as salary income to rs 2 lakh only says ey.

The loan should be used for the purpose of construction or purchase or repairreconstruction. In fy16 17 ay 17 18 100 of the interest is eligible for deduction on. Type of loan for which deduction allowed.

Repayment of housing loan is through equated monthly installments emi which consists of principal and interest component.

Income Tax Deductions List Fy 2018 19 List Of Important Income