Form C: Urgent help required regarding filling details

nRiTeCh

nRiTeCh

Skilled
Guys I'm filling my Form C (investment) on my company portal however for my home loan I'm in a very huge confusion.
Need to clear very important doubts and fill the form by Monday 14th as its locking/last day after which I wont be able to make any changes and will be wrongly charged income tax which cannot be claimed thereafter.

I bought my first house last year on loan sanctioned in march 2021. And I'm staying in it and not rented.

I can claim Deductions under these heads:

Deduction under Section 80C max 1.5lac
Deduction under Section 24
Additional deduction under Section 80EEA [As per this link, (The loan must have been sanctioned between 1 April 2019 to 31 March 2022 (extended from 31 March 2021)]

Do I need to club all these amounts: "Stamp duty + Home loan Principal amount + Home loan Interest" and put in part under relevant headers until overall amount is claimed.
Example: 180000 + 100000 + 120000 = 400000

I'm confused with which amount shall I club stamp duty? Is it Home loan principal or interest?

Has anyone bought house last year who can help me clear the air.

Also, any CA here who can help me, we can have a short remote session. I'm willing to pay charges as well.

I have attached my Form c and highlighted boxes in green where the amounts need to be filled so need help on how/where exactly the amount goes (Stamp duty + Home loan Principal amount + Home loan Interest)
 
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Principal Repayment/Stamp Duty/Registration Fees is something which falls under 80C including other things like EPF (employee contribution), PPF, LIC, etc. The total limit on 80C is 1.5 lacs (even if you show more, only 1.5lacs will be deducted from your taxable income).

Home loan interest exemption falls under Section 24. The maximum exemption limit is 2 lacs per year, including "pre-EMI" interest component, if applicable. The pre-emi interest can be claimed in 5 equal installments for 5 years from the inception of the loan.

If you have rented the newly purchase apartment, then you will also need to adjust the annual rent received against the interest paid (again under section 24) and enter the net gain/loss amount.

Any rent you are paying for a different apartment that you are currently residing at can be claimed under HRA [section 10 (13A)]. However, there is a rule for calculating the same based on certain parameters.
For example, check this link.

Hope this helps.
 
Anyone more inputs?
Need to know even if investments are declared & still something was missed, later on can we claim the same via IT website in September?
 
Silent47Assassin said:
Yes, you can claim the same at the time of e-filing.
Click to expand...
Just that need to wait till December.
Also, I tried claiming bank expenses for loan however co. denied it stating it doesnt come under 80 c and bla bla!

As per this link we can claim it very well..

Tax Saving Benefits for Home Buyers with & without Home Loan FY 2023-24 (AY 2024-25) - Tax2win

Know all about the tax saving benefits available under the Income Tax Act for FY 2020-21 (AY 2021-22) available for home buyers with and without home loans.
tax2win.in tax2win.in
Processing fee and service charges:
Processing fees levied on any loan taken is part of service charges, and any kind of charges taken by bank to render its services are tax deductible and form part of loan amount. For borrowing a loan, generally processing fees is charged by the bank. Processing fees or any kind of charges taken by bank to render its services are tax deductible.This can also be claimed as an interest expense under section 24 of the income tax act. However, no amount for the the amount paid to anyone (mostly your CA’s) for arranging the loan as commission or brokerage is not allowed as deduction.


Any idea under which head to claim it?
 
But the section EEA is applicable only if the total stamp value of the house is 45 lakhs, or less, right ? Yours satisfies this criteria ? Since you are "NRI" ;) that seemed unlikely, so asking.
 
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