[Asan Ideas for Wealth] This is regarding the home loan benefits for...

Ashish Saxena , Amit Gupta and 5 others posted in Asan Ideas for Wealth .       Ashish Saxena March 17 at 12:17pm   This is regarding the home loan benefits for claim directly while filing ITR for self-occupied property during FY 2015 – 2016 --> 1) Home loan start date : 09th May'14 2) Under construction : From 09th May'14 – 31st Mar'15 3) Under Construction : 1st Apr'15 to 15th Jul'15 (3.5 Months) 4) Possession certificate : 15th Jul'15 5) House vacant : 15th Jul'15 to 15th Feb'16 (7 months) 6) Self occupied : 16th Feb'16 – 31st Mar'16 (1.5 months) 7) Interest amount during FY 2014 – 2015 -> Say "A" 8) Interest amount during FY 2015 – 2016 -> Say "B" 9) I have claimed HRA for full FY 2014-2015 and till 15th Feb'16 for FY 2015-2016 10) Home loan principal rebate -> Not interested considering 80C limit of 1.5L already exhausted My understanding of calculation for claiming Home Loan Interest rebate under section 24(b) --> a) 09.05.2014 - 31.03.2014 => 1/5 * A = "C" (One-fifth of Interest spread across next 5 years, starting FY 2015-2016 – Possession year) b) 01.04.2015 - 15.07.2015 => 1/5 * B = "D" (One-fifth of Interest spread across next 5 years, starting FY 2015-2016 – Possession year) c) 16.07.2015 - 15.02.2016 => 7/12 * B = "E" (7 months self-occupied during which it was vacant). Shall I show deemed rent during this period? Also, considering HRA claimed for this period, is this valid? d) 16.02.2016 - 31.03.2016 => 1.5/12 * B = "F" (1.5 months self-occupied) Claim to be made at ITR for FY 2015-2016 => C + D + E + F. Even if it goes beyond the limit of 2L, it's not an issue. I have already done my homework on google and have read Ashal sir's post and video on the topic. My understanding is built on the basis of these. Want to get suggestions if I am correct and if not, corrections which are required. Hope to get positive response on the forum from knowledgeable people else, I am planning to take professional help. P.S : Thanks for reading another of my extremely long posts.. will need to work on my abilities to convey things better.   Like Comment               Facebook             Ashish Saxena, Amit Gupta and 5 others posted in Asan Ideas for Wealth.       Ashish Saxena March 17 at 12:17pm   This is regarding the home loan benefits for claim directly while filing ITR for self-occupied property during FY 2015 – 2016 --> 1) Home loan start date : 09th May'14 2) Under construction : From 09th May'14 – 31st Mar'15 3) Under Construction : 1st Apr'15 to 15th Jul'15 (3.5 Months) 4) Possession certificate : 15th Jul'15 5) House vacant : 15th Jul'15 to 15th Feb'16 (7 months) 6) Self occupied : 16th Feb'16 – 31st Mar'16 (1.5 months) 7) Interest amount during FY 2014 – 2015 -> Say "A" 8) Interest amount during FY 2015 – 2016 -> Say "B" 9) I have claimed HRA for full FY 2014-2015 and till 15th Feb'16 for FY 2015-2016 10) Home loan principal rebate -> Not interested considering 80C limit of 1.5L already exhausted My understanding of calculation for claiming Home Loan Interest rebate under section 24(b) --> a) 09.05.2014 - 31.03.2014 => 1/5 * A = "C" (One-fifth of Interest spread across next 5 years, starting FY 2015-2016 – Possession year) b) 01.04.2015 - 15.07.2015 => 1/5 * B = "D" (One-fifth of Interest spread across next 5 years, starting FY 2015-2016 – Possession year) c) 16.07.2015 - 15.02.2016 => 7/12 * B = "E" (7 months self-occupied during which it was vacant). Shall I show deemed rent during this period? Also, considering HRA claimed for this period, is this valid? d) 16.02.2016 - 31.03.2016 => 1.5/12 * B = "F" (1.5 months self-occupied) Claim to be made at ITR for FY 2015-2016 => C + D + E + F. Even if it goes beyond the limit of 2L, it's not an issue. I have already done my homework on google and have read Ashal sir's post and video on the topic. My understanding is built on the basis of these. Want to get suggestions if I am correct and if not, corrections which are required. Hope to get positive response on the forum from knowledgeable people else, I am planning to take professional help. P.S : Thanks for reading another of my extremely long posts.. will need to work on my abilities to convey things better.   Like Comment               View on Facebook     Edit Email Settings           Reply to this email to comment on this post.             This message was sent to kanchan16jan@gmail.com. If you don't want to receive these emails from Facebook in the future, please unsubscribe. Facebook, Inc., Attention: Community Support, Menlo Park, CA 94025