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Home loan Queries and Answers

Posted @ March 10, 2015, 10:26 am under (Payroll Outsourcing & Taxation)

1.       I have transferred my home loan from ICICI bank to SBI in Feb. so to transfer that loan I have paid around 6000rs for stamp duty can I add this amount for tax deductions?

According to Section 80C (8) (d) Deduction is available for payment of “stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee.

Thus stamp duty for transfer of loan is not eligible for deduction U/s 80C. Further no deduction is available for payments after the house property or any part thereof has either been occupied by the assessee or any other person on his behalf or been let out; 

2.       As I have transferred my home loan I got final IT certificate from ICICI bank which shows full principal (around 17,82,000rs) so can I add the same into excel sheet under ‘Repayment of Housing Loan Principal Amt.’?

Section 80C provides that principal component of the EMI qualifies for deduction under Sec 80C subject to a ceiling of Rs. 1.50 lakh on the aggregate amount of such payment. You may show full principal in tax declaration.

3.       I have claimed HRA this time as I am living in rented flat but I am gaining rent from my owned house so how can I mention my income?

You can declare net taxable rental income under category any other income declared by the employee, so that tax computation/deduction taking into account such income can be made by your employer.

4.       For first time I am claiming HRA so do I need to give copy of rent agreement along with rent receipts?

Only rent receipts are sufficient, rent agreement is optional and may be submitted in addition to rent receipt. 

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