Overall Claim For Interest On Home Loan Limited To Rs. 2 Lakh

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For the let out flat in Jaipur, you’re entitled to claim deduction at the rate of 30 per cent of the rent entered by you, in addition to the regular interest paid by you.

For the alternate house, which is still under construction, you’ll be suitable to claim duty benefits from the time of completion and possession. You’ll be suitable to claim total of the interest paid during the construction period in five equal instalments beginning from the time in which the construction is completed, and possession is attained. Since you’ll be staying in the house, the quantum of overall claim for interest paid to your woman

and the bank shall be confined toRs. 2 lakh, including the one- fifth portion of the interest paid during the construction period. Do note that you can not set off losses under the ‘ top income from house property ’ beyond Rs 2 lakh in a time, whether you enjoy one house or multiple houses. The unabsorbed loss is allowed to be carried forward for eight times for set- off against house property income only.

For top prepayment of home loan to the bank, you can claim duty befits under Section 80C of the Income- duty Act, 1961 for over toRs.1.5 lakh every time for all the houses taken together.

For the Mumbai flat, you’ll be suitable to claim it beginning from the time of completion of the house along with other eligible particulars, similar as Public Provident Fund( PPF), equity- linked savings scheme( ELSS), National Savings Certificate( NSC), life insurance decorations, and so on.

Do note that you won’t be suitable to claim any duty benefits in respect of prepayment of home loan, if any, made to the bank for the times during which the construction of the house wasn’t completed. No duty benefit is available in respect of prepayment of loan taken from your woman

Answer First, you have to ascertain whether the land was an agrarian land within the meaning of Income- duty Act, 1961. You need to get it examined by a chartered accountant grounded on position and population of the area where the land islocated.However, you don’t have any income duty liability for compensation entered, If it falls within the description of ‘ agrarian land ’.

still, you can still claim impunity for long- term capital earnings, if the land was used for agrarian purpose during the last two times, If the land isn’t an agrarian land within the description of income duty.

As the land is an ancestral property, you’re doubtful to know its cost of accession.So, you can take the fair request value of this land as on April 1, 2001, as your cost price. You can cipher your long- term capital earnings by applying the cost affectation indicator to the fair request value as on April 1, 2001.

Do note, that in case you aren’t suitable to buy similar new land for agrarian use before the due date of form of your return i.e., July 31, 2023, you have to deposit the quantum of listed capital earnings in the capital earnings regard with a bank which you can use for buying the land for agrarian purpose latterly.