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How your taxes changed from last year to now
| Deductions | For FY ending March 31, 2014 | For FY ending March 31, 2015 |
|---|---|---|
| Deduction on home loan interest under Section 24 | Rs. 1,50,000 | Rs. 2,00,000 |
| Deduction on principal repayment within the overall limit of Section 80C | Rs. 1,00,000 | Rs. 1,50,000 |
How to claim tax deductions on home loans?
- The amount of deduction you can claim depends on the ownership share you have on the property.
- The home loan must also be in your name. A co-borrower can claim these deductions too.
- The home loan deduction can only be claimed from the financial year in which the construction is completed.
- Submit your home loan interest certificate to your employer for him to adjust tax deductions at source accordingly. This document contains information on your ownership share, borrower details and EMI payments split into interest and principal.
- Otherwise you may have to calculate the taxes on your own and claim the refund, if any, at the time of tax filing. It’s also possible that you may have to deposit the dues on your own if there is a tax payable.
If you are self-employed or a freelancer, you don’t have to submit these documents anywhere, not even to the I-T Department. You’ll need them to calculate your advance tax liability for every quarter. You must keep them safely to answer queries that may arise from the I-T Department and for your own records.
How your taxes changed from last year to now
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