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.

IGRS Telangana

About IGRS Telangana

All the old records and documents that can be used to submit as evidence for dispute cases, are preserved by the Registration and Stamps Department of the Government of Telangana. The department is mainly operated by IGRS Telangana and is also involved in several state services like revenue collection, document registration, etc.

What is IGRS Telangana

IGRS Telangana is defined as Integrated Grievance Redressal System, Telangana. It is basically an online portal of the Registration and Stamps Department of the Government of Telangana. Using this portal, citizens of Telangana can verify their land records as well as obtain details regarding rights, Title and obligations (if any) of immovable property.

Along with that, it also provides services like issuance of encumbrance certificate or EC Telangana, stamp duty and registration charge payment, etc.

IGRS Features and Benefits

Here is a list of features and benefits of this portal:

Access to several documents: Instead of visiting the designated office to obtain information about specific documents or collect them, Telangana citizens can simply use the portal for the same.
Easy way to file complaints: In case any dispute arises, one can easily file complaints and address their grievances here.
Ensures transparency of services: This portal helps in reducing fraudulent activities and promotes transparency in the system.
Proof of business
Passport-sized photograph
Reduction of red tape: For any service-related issue, one can use this portal and avoid delays due to visits to various departments.

Services provided by IGRS Telangana

IGRS TS provides the following services:

EC search of a property that is registered with Telangana's Sub-registrar's office
Download certified copies of registered documents, along with the details regarding property registration
Provides the list of prohibited properties in a district or village
Hindu marriage and special marriage registration
Market value search of any agricultural or non-agricultural land
Information on chit fund companies
Society and firm registration
Know your SRO (Sub-Registrar Office)

What is an Encumbrance Certificate?

EC or an encumbrance certificate is an important document ensuring that a property is devoid of any liability. The document must be used to avail a home loan or loan against property as it serves as evidence of ownership and Title of the property in question. Citizens of Telangana can now search for this certificate online.

Step by Step Guide: IGRS Telangana EC search online

Know how to check EC online by following these simple steps:

Step 1: Visit the Telangana Registration and Stamp Department’s official portal and complete the login process.

Step 2: Under the ‘Online Services’ tab, find the ‘Encumbrance Certificate’ option.

Step 3: Go through the disclaimer and then click on the ‘Submit’ button.

Step 4: Next, select the ‘Document Number’ option under ‘Search Criteria’, and enter the document number.

Step 5: Submit the details of registration year and ‘Registered at SRO’, click on ‘Submit’ to proceed further.

Step 6: Click on ‘Submit’.

How to Get Telangana Encumbrance Certificate Online?

To obtain the IGRS Telangana EC online, you can follow the below-mentioned steps:

Step 1: Go to the official portal of Telangana MeeSeva.

Step 2: Click on ‘Application Forms’

Step 3: Find the ‘Registration’ option

Step 4: Click on ‘Encumbrance Certificate’

You can now fill up the downloaded application form with needed details and attach it with relevant documents and submit it to your nearest MeeSeva Centre.