What are the eligibility criteria to claim tax deductions on home loans?

To claim home loan tax deductions either on principal or interest paid, a borrower must be owner of the residential property so financed. In the case of a joint home loan, all co-borrowers can claim the applicable deductions individually if they are co-owners of the purchased property and contribute to the repayment liability. The claim amount varies as per the proportionate repayment contributions made by the co-borrowers.

Can I claim tax benefit for an under-construction property?

Yes, a housing loan borrower can claim income tax benefit on home loan repayments even when the property so purchased is under construction. Such tax benefit is available only on interest payment and any other expenses incurred during the period and is claimable in 5 equal instalments post completion of construction. Nevertheless, for any such claims, construction of the property must complete within 5 years from the date of availing a home loan.

Can I claim tax benefit on two home loans?

Usually, home loan tax benefits are available only on a residential property declared as self-occupied. For two home loans availed to purchase separate residential properties, only one property would be considered as self-occupied.In that case, the second property is considered let-out and tax rules apply accordingly. Thus, annual interest deductions remain unlimited for the second home loan, whereby the property is deemed let-out. Also, its consideration as a let-out property results in notional rent consideration to be added to the assessee’s total income for tax liability calculation.

Can I claim separate income tax deductions if my spouse is employed?

To claim separate home loan income tax benefits for self and spouse, property co-ownership of the latter is a prerequisite. Further, employment of the spouse must also be considered in light of his/her qualification as a taxpayer as per the total annual income.Thus, if you and your spouse have availed a home loan jointly, assume liability for repayment separately, are co-owners of the property, and are taxable individuals, home loan tax deductions can be claimed by both separately.

Can self-employed individuals claim HRA benefit?

No, HRA benefits are not applicable to self-employed individuals. It is because HRA or House Rent Allowance is a salary component and is paid only to salaried individuals.Self-employed individuals can, however, claim other applicable tax deductions to save on their tax liabilities, such as tax saving on home loan principal and interest payment.

What is the maximum amount one can avail for deduction of interest?

The maximum amount of home loan interest tax benefits claimable depend on the use of the property so purchased. For a residential property purchased and self-occupied, annual interest tax deductions of up to Rs.2 lakh are claimable.In case of a residential property let out or deemed to be let-out, annual tax deductions towards interest paid come with no maximum limit.

Bhulekh UP - Land Records

About Bhulekh UP

Residents of Uttar Pradesh can easily access land ownership details and related services online through Bhulekh UP, a state government portal, that contains digitised land records of the state.

What is Bhulekh UP?

Launched on 2 May 2016, Bhulekh UP literally translates into land records in the state of Uttar Pradesh. In Hindi, 'Bhu' means land and 'Lekh' means the account. The land records available on the website include the khata (land) details, Khasra number (land parcel identification) number and Khatauni (list of holdings by an individual or family in a village). This digital database has been created for all the districts of Uttar Pradesh and aims to eliminate manual land record-keeping tasks.

Benefits of Bhulekh UP

Easy accessibility of information consolidated in one place, from records to maps or Bhu Naksha UP.
A transparent system that has reduced chances of illegal land possession, land ownership-related fraud or lawsuits.
Voter’s ID
Users can update new records of their land online.
Providing just a Khasra, Khatauni number is enough to access land-related details.
Visits to the Revenue Department or patwari for seeking land details are no longer necessary. Instead, a few simple clicks save time and give all the information.

Features of Bhulekh UP

Land ownership verification is done during the purchase of the property.
Land ownership documents can be easily accessed and downloaded online.
Easy download of UP Bhu Naksha.
Land record access through any of the following: Khasra number, Khatauni number, Khevat or khata number, and Jamabandi
Land ownership details like owner's name and number, mutation of land after sale deed agreement, land size, history of property transactions, existing liabilities can be accessed.
Non-transferable land details like talab (pond), Gram Sabha (panchayat) land, pastures, patta land, etc. are also provided.

Beneficiaries of Bhulekh Uttar Pradesh

Any resident of Uttar Pradesh seeking information for verification from Bhulekh UP is a beneficiary. They could be landowners, buyers, sellers, real estate agents or financial institutions in the process of loan assessment, etc.

How to View Bhu Nakhsa UP Online

Visit the official Bhulekh UP website.
Fill in the required details like village, tehsil, and district on the home page.
A map of the land will appear on the screen with farm numbers marked on different plots.
Click on the required farm number to view the name of its account holder.
Select the account number to view Bhu Naksha UP.

Once the map for a requested plot of land is displayed on the screen, it can be downloaded and/or a printout can be taken for future reference.

How to Check Land Records at Bhulekh UP

Go to the official Bhulekh UP website.
Select the option 'Imitation of Rights Record' or 'Khatauni ki Nakal Dekhin' on the home page.
Verify your access with a captcha entry on the screen of the redirected page.
From each detail dropdown, select the appropriate gram/village, tehsil and district for the concerned plot of land.
Enter the correct Khasra/Khata number or Khatedar (owner) details.
Click on the 'Search' option.

The land records will be displayed along with all the transactions made on it, including sales, purchases, mortgages, etc. Other land-related details like revenue village code, plot code, etc can be similarly accessed.

Quick Links:

Housing Schemes in India

Pradhan Mantri Awas Yojana

Cash Reserve Ratio

GPRA