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Housing loan tax benefit u/s 24

The interest portion of housing loan EMI paid in a financial year can be claimed as deduction u/s 24 up to a maximum limit of Rs 1.50 lakh per year. Interest payment is considered as expense under the head"income from house property".

The best part in tax benefit under section 80C and section 24 with respect to housing loan EMI is that there's no limit on"Self occupied houses". Say for example you work in Delhi, but you have one house in Chandigarh and other in Mumbai, for which you are paying housing loan EMIs, You can claim benefit of Section 80C and Section 24 for both of houses under self-occupied category within the maximum limit u/s 80C which is Rs 1 lakh and u/s 24 which is Rs 1.5 lakh, combining the total principal and Interest payment of all the houses. Do note that both benefits can be claimed only after taking possession of house.

Some conditions to avail this benefit:

Maximum interest allowed in aggregate of Rs 1.50 lakh per year, if the following conditions are satisfied-

a) Loan is utilised for construction or acquisition of house on or before 1-4-99.

b) Construction or acquisition of house should be complete in maximum of 3 years starting from the end of financial year in which capital is borrowed.

One more interesting point here is that section 24 tax benefit can be claimed even if the loan is raised from friends, family or relatives. If you have good inflow of income and then by doing tax planning early in life you can create different tax files in the family and can use them for your own tax benefits. This way you can save on the interest payment to bank, and also be able to claim tax benefit on your own income. Do note that this benefit can only be claim against the certificate issued by the loaner and he has to pay tax on the interest received against this loan

Special tax incentive announced for people taking first home loan up to Rs 25 lakh in FY 2013-14 (Section 80EEE). In this scheme additional interest deduction of Rs 1 lakh is offered only for one year. If one could not exhaust the full Rs 1 lakh in 2013-14, then he can carry forward the balance to next year. Please note this is over and above the deduction of Rs 1.5 lakh and of course with many additional conditions.

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