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Deduction from House Property Section 24 I Interest on home loan deduction U/s 24(b)
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- เผยแพร่เมื่อ 18 ส.ค. 2024
- Deduction from House Property Section 24 I Interest on home loan deduction U/s 24(b)
Hi
I am CA Vijay Gupta, welcome you all to our TH-cam Channel CA Vijay Gupta.I am into teaching profession since last 15 years and trying to provide simple and easy concepts to all who are keen to enhance their knowledge and skills.
About This Video:
Hi Friends aaj ke is video me maine aap sabhi ko Section 24 of House Property explain kiya hai. I hope aapko ye video acha lage thank you.
Topic Covered:
1. Treatment of Municipal Tax
2. 24(b) Interest on home loan
Our Some Other Playlists:
1. Residential Status And Scope of Total Income
• RESIDENTIAL STATUS AND...
2. Important Definition Under Income Tax Act
• IMPORTANT DEFINITIONS ...
3. Capital Gain
• Section 112A I Long Te...
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4. Deductions under Income Tax Act
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5rg057Kqg0eTxKvkAWPYp9
Other Links:
Facebook / vijaykumar.gupta.355744
Website www.taxsupport...
#GAV#MUNICIPALTAX#HOUSEPROPERTY#cavijaygupta#commercegraduates#HOUSEPROPERTYINCOMETAX
Hi
I am CA Vijay Gupta, welcome you all to our TH-cam Channel Commerce Graduates - By CA Vijay Gupta.I am into teaching profession since last 15 years and trying to provide simple and easy concepts to all who are keen to enhance their knowledge and skills.
About This Video:
Hi Friends aaj ke is video me maine aap sabhi ko MUNICIPAL TAX KI TREATMENT explain kiya hai. I hope aapko ye video acha lage thank you.
Topic Covered:
1. MEANING OF MUNICIPAL TAX
2. TREATMENT OF MUNICIPAL TAX PAID
Our Some Other Playlists:
1. Residential Status And Scope of Total Income
• RESIDENTIAL STATUS AND...
2. Important Definition Under Income Tax Act
• IMPORTANT DEFINITIONS ...
3. Capital Gain
• Section 112A I Long Te...
Ru1P5kp0LRw
4. Deductions under Income Tax Act
/ watchv=gzl0esxqqfo&lis...
5rg057Kqg0eTxKvkAWPYp9
Other Links:
Facebook / vijaykumar.gupta.355744
Website www.taxsupport...
#deductionfromhouseproperty#24(b)#cavijaygupta#commercegraduates#HOUSEPROPERTYINCOMETAX
Please provide your valuable feedback for our mutual improvement and do, like, share and subscribe .
Sir section 24b me to upto 2L claim kr skte interest amount..but Mera 3L he ... Interest amount..so wo remaining 1L ka kya hoga..? 1L ke uper tax lagega ya nai?
Explained in a very lucid manner.The speed of your lecture is very comfortable to watchers. Thank you.
Thanks and keep sharing
searched for U/S 24 & 1st video of yours! Neatly explained... Thank You so much for providing useful information
Very good explanation
Nice explanation with 24(a) & 24(b)’s concept clarity
1:30 sec 24 (a)
2:12 sec 24 (b)
10:00 pre - construction period
Nice preparing notes
Thank you very much sir, ver clearly explained.
Thank you very much sir very useful information 🙏🙏
preceisely explained. thanks a lot 👍
Sir please explain section 80EE and 80EEA🙏
I have a question.i recently purchaed my first home from seller ,he has loan on rhis prioerty .i cleasred all rest anount and continue loan say 30 lac .i got statement mentioning ex. A.emi. Repayment 330000 B. Principal component 210000 C.interest compinent 110000 D.pre EMI interest 10500.
Now question is which amount is should consider under section 24b , section 80c and 80ee
I took home loan last month right now paying interest. Question is where to show under income /loss from house property a. Interest on housing loan self occupied
B. Total income /loss from let out property. Please suggest
@kumaraditya7081 Have you got the answer? I'm on the same boat.
Thanks sir for providing income tax vedios ❤❤❤
My pleasure
Nice video Sir bas aese hi banate rahiye 🙏
Thanks keep sharing with others too
Thank you so much
Brilliant explanation ❤❤❤
Thanks and keep sharing
Good explanation sir 😊
I had booked an under construction property in February 2019. CC has been received on 30.03.2023. I am going to take possession in due course. Am i eligible for all the following deductions:-
1. Interest for FY 2022-2023.
2. Principal for FY 2022-2023.
3. Pre construction interest From (Feb 2019 to March 2022 )/5 in five equal installments starting from F.Y 2022-2023.
Please reply at the earliest. Thanks
nicely explained.. thank you.
Welcome and keep sharing
Nicely explained 😀
Sir, Loan taken for construction of house property, but is it necessary that loan has to be borrowed fron only bank or some financial institution...what if loan is taken from friend for aforesaid purpose? Still can we claim deduction u/s 24(b)..?
Yea you can but only if your friend is giving you interest certificate and he is showing interest income in his ITR
@@cavijaygupta thanks sir
A person raise a Home loan from B person can A person claim the benefit from under section 24(B) of the income tax.?
No
Nice analysis & presentation
Thanks for appreciation
Sir Can claim loan interest of commercial property ya only residence property? Ya both?
Knowledgeable
Very good 🙏
That was really a great explanation, I have a question.. the house is owned by parents andI have taken personal loan to renovate it and spent on it. So am I eligible to claim it against 24B
No
Sir मैंने 2 joint home ले रखा है क्या मैं अलग अलग छुट्ट ले सकता हूँ
Previous year interest + pre construction period should be less than 2lakhs ??
Suppose If I have paid 5 lakhs interest during pre construction period now I can claim 1 lakh each in subsequent years after getting possession.
If previous year interest is 1.5 lakh also, in this case total will become 2.5 lakhs. Can I claim entire amount or only 2 lakhs?
2 lac only you can claim in previous year
Is sec 24 a admissible in new tax regime for FY 2023-24
Interest kab tak minus kar sakte hai jab tak loan emi complete nhi hoti
Yes
can we get rebate on personal loan for house construction renovation please tell me
Suppose during construction, interest which can be claimed in subsequent 5 years but what will be total limit in 24b whether 2 lacs or 3lacs(in case 5lacs interest in last 5 years).
if the overall limit(claim) will be only 2lacs then what is the benefit. Because during these 5 years the loanee become heavily taxed.
In case of self occupied max deduction in 24(b) is rs 200000
In case of letout house no limit on 24(b)
@@cavijaygupta sir maximum limit Of 2,00,000is per HP or all houses 2,00,000
Per house
Mera 18yr ka tenure hai loan ka or pichle month me sanction hua hai 25 lakha baki 4 paint ke bad dega to mera preconstruction period to bahut kam hoga 10 month to kya sirf 10 month ka interest pe hi claim kar sakte hai
अगर प्लॉट मेरी माँ के नाम पर है लेकिन लोन मेरे नाम से लिया गया हैं तो क्या मे इसमे टैक्स बेनिफिट ले सकते है की नहीं?
Same doubt
Deduction kitna milega maximum aur konsa section mai?
Self occupied max 200000 , in case of let out property actual interest paid , sec 24(b)
Pre construction period interest 15 lac hai to divide by 5 3 lac ayega. To uska kuch limt nahi hai kya ? Agar 25 lac hota to 5 lac per year claim kar sakte hai ?
Yes no limit for letout house , in case of self occupied max 24(b) is upto rs 200000
Home loan from cooperative bank is eligible for 24(b) deduction or not.
Hi sir,
If I buy a residential flat in cash in 2022 and now if I apply the loan loan againts property can I take benefit of 24a or 24b in income tax saving
exemption is allowed for purchase , construction , repair etc of house property
Loan karmchari sosaytiche asel tar chalte ka
श्रीमान जी प्लॉट की रजिस्ट्री करवाने में ₹180000 ₹लगे तो इनकम टैक्स में कितनी छूट मिलेगी और किस सेक्शन के तहत मिलेगी🙏
Section 80C is allowed for stamp duty paid
How long we can claim this benifit
Mene 1 plot liya hua hai 2022 mai . Or mere plot loan or plot equity loan hai to mai tax relief milega ya nahi.
NAV details mein baatein.
24b mein two types of deduction bola. But explain Kya ek type.
Plz tell me. previous year interest in details.
GAV - Municipal Tax = NAV , ab isme Aur Kya batana hai
Previous year me jo bhi interest calculate hoga usse previous year interest kehte hai
Thank you for your kind reply.
Please tell me, I took a personal loan for land purchase and house construction on 7/10/2020.
My house is constructed/completed on 5/5/2022.
My pre construction interest upto 31/3/2022 is 165596/5=33119.
Now how can I fill up form 16?
Will it be my interest from 1/4/2022 to 31/3/2023?
Sir please reply.
Sir how can file tax through your full guidance?
Commercial property loan also claimed under this section?
No
Mai March ke bad 29 lakhs ka house loan liya to kya isbar claim kar sakte hai
Thank you very much for the great presentation. I have a question wrt 24 (b) .. I purchased a property under construction link plan in July-2011. I took a loan from bank in Sep-2012, which i closed it in July-2016. I paid a total EMI interest of approx 3.5 L. Builder didn't deliver in time ( expected delivery was in Dec-2014) , but i received a FIT-OUT ( not registered yet) in Dec-2020. Can i take a benefit of 24(b) in FY 2021-2022 for preconstruction period ( there is no interest in previous years) for the interest paid to bank from FY 2012-2013 to 2016-2017. Please kindly guide me.
You need completion certificate and interest certificate, if both are available you can claim pre construction interest in 5 equal instalments starting from the year in which it is constructed
किसी सरकारी कर्मचारी की पत्नी के नाम पर पट्टा है और उस पर वह घर का निर्माण करवाना चाहते हैं तथा संयुक्त रूप से लोन लिया जाता है और जिसकी क़िस्त पति के द्वारा चुकाई जाती हैं क्या उसे छूट मिलेगी
Thanks sir
Welcome keep sharing it
When to claim tax benefit on interest accumulated between 01apr2019 and 05oct2019?
Insufficient information
Maximum 24b income tax deduction me 2 laks or 2 lak above ...plz replr
Maximum upto 2 lac
I had purchased a 2bhk flat in an under construction project in February, 2019 and taken home loan for the same. The emi was started w.e.f April 2019. However, the possession is not yet received and CC is expected in March, 2023. I would like to know:-
1. The interest and principal claim both which i had been paying since 2019.
2. Can I claim interest and principal both benefit for FY 2022-2023 if I get CC on or before March, 2023 or I have to claim from FY 2023-24 onwards.
Pl. Clarify.
Yes you can claim in FY 22-23 if you get CC before March 2023, interest for the period 22-23 and principal payment in 22-23.
Interest for April 19 to Mar 22 is claimed in fy 22-23 as pre construction interest and allowed in parts as 1/5 of the total interest
@@cavijaygupta
Am I eligible for 1/5 th of total interest as pre construction interest paid from 1st April 2019 to 31st March 2022 + interest paid from 1st April 2022 to 31st March 2023+ principal paid from 1st April 2022 to 31st March 2023 starting from F.Y 2022-23 or F.Y 2023-24?
Itr fill krte time 24b kis act me aata he
House property
HRA mai house maintenance add kr skty hain?
No
But is there any bifurcation for self occupied or rented for 24(b)
Yes , for rented there is no limit for 24(b) , however in case of self occupied , maximum limit is 30000 or 200000 as the case May be
NAV kya hota h sir pls bataiye
Nav = Gav - Municipal tax
Sir how much housing loan amount covered in 24b
In case of self occupied max 200000, in case of let out no limit
24 a ka nav?
👏👏
Thanks
Gd mrng sir
Wife ke naam se home loan hai to husband ko ITR me benefit milega ki nahi pls guide
If house is name the name of husband or both husband and wife are joint owner only then only husband can claim deduction , in the ratio of payment made by them
What is nav
Sir self occupied case me to koe income generate nhi hoti lekin tbhi interest me deduction milta h aisa kyu jaise mtlb pehle jab interest me deduction milti thi to hme rent bhi milta tha let out case me to interest deduct hota h taki jo agar rent 20000 h to interest deduction jaise man lijiye 10000 h to aab hme sirf 19000 pe tax Dena hoga yaha to samajh aa gya ki chlo interest deduction jaruri h isse hme Kam tax Dena hoga but yaha self occupied me to koe income hi generate nhi ho rhi tb kispe tax Dena h hme jo hum interest deduction le plz bataiye sir plz plz
Self occupied me int ka deduction Milne se house property head me loss aata hai. Ye government ne game benefit diya hai. Is loss ko hum Dusre head ki income se minus kar sakte hai suppose salary income or business income se, minus Karne se income kam ho jati hai Aur hame kam tax dena padega. Is liye self occupied house se interest minus karne se government ne hamara benefit karaya hai
Ok sir but mujhe ek chiz samajh nhi aati ye hmari income tax ki book me ye sari baatein likhi kyu nhi hai jo aap itna explain karke bataye h aise hme pta kaise chalega sab kuch book me clear likha hona chahiye na
@@sonamthawani3342 ab ye to writer ko bolna hoga book ke
Plot loan can be considered in 24b
No
Int on loan taken for repair and maintenance ishpe deduction milega sir ya nhi please reply
@MY NUMBER DP PROFILE 👈 sir apka number?
200000 in case of Construction of house completed within 5 years from the date of borrowing
Iska kya matlab hai CA sir
Self occupied house me 24(b) ki limit maximum 30000 hoti hai but certain conditions satisfy karne pat ye limit 200000 ki ho jati hai
@@cavijaygupta if loan for constriction
Bill upload karna hoga kya
No
Sir jo standard deduction hai u/s 24 is standard deduction ka kya mtlb h jaise standard deduction 30% hai annual value 100000 par to iska mtlb ki 100000*30%= 30000 to ye jo 30000 hai iska kya mtlb hua itna hi rent hme received hua h ye mtlb h iska ,
2- ki ya to fir 30000 pe hme aab tax Dena padega bs naki 100000 pe received to hme 100000 hi hoga but standard deduction ke karan hme aab 100000 ke bajaye 30000 pe tax Dena hoga . Maine do condition batai aapko isme se kya sahi h ye bataiye plz
Standard deduction 30000 minus hota hai , balance jo bachega uspar income tax calculate hoga
@@cavijaygupta lekin actually received jo hoga hme 100000 hi hoga n ?
Yes, but tax 70000 pe dena hoga
@@cavijaygupta ok sir i gotcha thank u sir
Hello sir, agar home loan liya he , jo under construction he or interest bank ko pay kar raha hu to kya claim kar sakte he
No it can be claimed only after completion of property
How to calculate nav. And what is nav
Watch my GAV video
th-cam.com/video/MjdDjS3NUUE/w-d-xo.html
bhai, section ke limits batana bhul gaye...
In case of self occupied max 200000 , in case of let out no limit
maine personal loan liya 500000 or usse maine plot liya h
january 2022 me
mai railway job holder hu mujhe 24 b benefit k lie kiske pas claim krna hoga or mujhe kitna paisa ka benefit hoga
mai annual income by salery under 500000 hi h
mai under it return ni ata hu or phle kabhi it return v apply ni kiya h
Sir aapka tax nahi banega to phir aap 24(b) me deduction na bhi le to koi baat nahi
I want to purchase the plot on loan
How will i get the tax benefit on the loan for the plot
I am a salaried employee
Tell me
Loan taken for purchase of plot do not qualify for deduction, however loan taken for construction of house is eligible for deduction under sec 24(b)
House property ka loan agar 1 mahina huwa hai to kya deduction claim kia ja sakta hai?
Yes one month ka interest and principal repayment ka claim ho jayega
Sir aggar hum aab home loan le to tax rebate le sakte hai aab..?
Yes
Loss of income Under head House Property for unfinished project acquired by NBCC
Dear Sir Good day I had booked an office in the name of my wife with Amrapali Group project "AMARPALI TECHPARK"in Greater Noida in the year 2008 . I was assured at 12% return on my investment of 550 square foot area I was getting returns as per agreement after deduction of 10%TDS till the year 2016 . Amrapali went bankrupt and now the project has been acquired by NBCC and still incomplete and I have not received a single penny after 2016. As per the agreement I was supposed to get an income of Rs 37per square foot for an are of 550 sq.ft. Can I claim LOSS OF INCOME UNDER THE HEADS PROPERTY in my wife's income tax return?? We have never claimed any loss of income since 2016 from this property. My wife is working and she's filing ITR-1 Please advise if I can show this loss of income in ITR-1
Sir ek mujhe ek chiz samajh nhi aa rhi h ki ye interest deduction ka mtlb kya h mtlb jaise income under salary me deduction ka mtlb tha ki jo salary aati h allowances and perquisites ke bad wo salary me thoda deduction Kiya jata h mtlb ki agar hmari salary 5L h to man lijiye 1L ka deduction to aab ho gyi salary 4L ye taxable salary hogi n aur ye hum deduction kiye taki tax aab kam Dena padega but te to exp h deduction hmare liye kyunki isse hmari salary Kam ho gyi h n ( ye concept mera sahi h n sir )
to jab hum interest pe krte h isme deduction kyu krte h kya faida h is deduction ka plz esi tarah jaise Maine salary me example se pura bataya waise hi ek dam detail me example ke sath bataiye sir plz plz bahut koshish ki mai but samajh nhi aa rha mujhe . Plz reply fast
Agar house rent pe dete hai to rent ki income hoti hai Aur ye interest isse income se minus hota hai, annual rent 5 lac and interest 1 lac so ab tax 4 lac pe dena hoga
@@cavijaygupta thank u thank u very much sir mujhe ek dam ache se samajh aa gya
Pta nhi sir kyu itna simple si chiz mujhe samajh nhi aayi mai n chahti hu ki ek dam simple with example koe samjhaye to ek dam easily samajh aa jata h koe dimag nhi lgana padhta jaise abhi aap ek dam simple bta diye iska mtlb yhi aap class me detail me samjha dete to better rehta but fir bhi thank u sir
Can I take this deduction twice? 1st when I took loan for purchase of house and 2nd later when I took loan for renovation. Can I take deduction twice under this section? Thanks
Yes you can
💜💜👍👍
Thanks keep sharing
Sir ji ye 24b section ITR 2 mein kidar milega ?
House property head
@@cavijaygupta tx sir ji
Welcome
Sir jo renewal ki rebate h vo after renewal milti h ya renewal hote time hi 30 hajar ki limit alow hoti h
Don’t understand your question ask clearly
Sir jese hamne loan lia gar ko renewal karane ke lie to 30 hajar ki jo rebate milti h vo kab se le sakte hai
30000 ki limit 200000 tak increase ho sakti hai self occupied house ke case me, interest jitna due hogaya hai unta hi deduction milta hai…. Ask for interest certificate from bank but max 200000 tak hi milega
@@cavijaygupta lekin renewal m to 30 hjar h na sir
Yes renewal pe 30000 max hai , purchase or construction pe hi limit 200000 ki hai
The content is too repetitive and this makes the entire video very confusing and boring.. instead of stretching it till 15 mins you could have closed it in 10 mins
Thanks for you feedback we will work on it
Sir, 🙏🏻🙏🏻 i purchase home last year and take loan it and my emi is 12,000 per month for 8 years can i take advantage of it .
Sir, maine property purchase kiya tha
Uske liye main government ko stamp duty ke liye 98000 diya tha
Kya iske liye Mein Koi return file kar sakta hun aagar hai tho konse section sa
Aap 80C me deduction claim kar sakte hai stamp duty ka
Like me vijay gupta
Like mmmm
Ek hi bat bar bolta ja rha hai. Repeat again and again karne se explanation nahi kehte
Thanks for the feedback
😜😜!,