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.

Meebhoomi

Meebhoomi – Andhra Pradesh Land Records

Digitisation of land records has been encouraged by the Union Government to bring transparency and ease of access to such important documents. Under this drive, the State Government of Andhra Pradesh has introduced the Meebhoomi portal to allow the residents of this state to access property related documents without any hassle.

What is Meebhoomi?

Meebhoomi is an online portal that works as a single-window system for land records in Andhra Pradesh. Residents of this state or individuals who want to invest in real estate here can now access land records and other vital documents through this platform.

What are the Features & Benefits of Meebhoomi?

The features of this online platform are –

Access to Meebhoomi 1B land records
Patta names
Patta passbooks
Tenancy and liabilities of a land
Land conversation information
Type of soil and source of water
Crop details
Adangal records

Moreover, the benefits of using this platform alongside accessing land records include –

Availability of the Meebhoomi FMB or Field Management Book along with village maps.
It brings transparency in the maintenance of AP land records and the method of receiving the encumbrance certificate.
Easy accessibility from anywhere and anytime.
You can raise a complaint related to land records and track it.
Availability of an SMS service provide a regular update on the progress of a complaint.
You can also download copies of Meebhoomi Adangal and 1B records.

What is a ROR 1-B Document?

ROR or Records of Rights offers an extract of a land record as maintained by the state’s Revenue Department. Prior to the implementation of this online facility, this data was sourced manually from the registers maintained by the villages in their listing of land records.

This document is also known as the 1-B document in Andhra Pradesh.

Process to Link Aadhaar Card on Meebhoomi

Here is a step-by-step guide on the process of linking Aadhaar card with this platform –

Step 1: Go to the top menu of this platform and click on ‘Aadhaar/Other identities.’

Step 2: From the drop-down, click on the first option, which is ‘Aadhaar linking’ and enter relevant details.

Step 3: Enter the displayed code and press the ‘click’ option.

It will then display whether your Aadhaar card is linked with this portal or not.

How to Get an E-Passbook in AP?

Here are the steps to get an e-passbook in AP –

Step 1: Go to the ‘electronic passbook’ option on this platform.’

Step 2: Enter all the relevant information on the redirected page.

Step 3: Confirm it by entering the code.

You will then receive your e-passbook immediately.

Step-By-Step Guide: How to Check AP Land Records

Here are the details on how to review AP land records –

Step 1: Choose ‘1-B’ or ‘Adangal’ form from the home page’s top menu.

Step 2: Select from a village or personal 1-B or Adangal.

Step 3: Enter the required information on the redirected page.

Step 3: Enter the 5-digit code to see your land records.

How to Track Complaint Status on Meebhoomi?

To track complaints, you can simply visit the official website of Meebhoomi and go to the ‘complaints’ section. After that, click on ‘status of your complaint’ and enter the required details to check the current status of your complaint. Access to land records is vital as it helps you to find a property without any legal obligations. Once you do so, contact Bajaj Housing Finance for the needed financial support to purchase your chosen property.

Access to land records is vital as it helps you to find a property without any legal obligations. Once you do so, contact Bajaj Housing Finance for the needed financial support to purchase your chosen property.

Quick Links:

Income Tax Calculator

Housing Schemes in India