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.

Bhoomi Karnataka

Bhoomi - RTC Online Land Records

Launched back in 2000, Bhoomi was a joint initiative between the State Government of Karnataka and the Central Government. It is primarily Karnataka’s Land Records Management System that permits citizens to access digitised Record of Rights (RTCs), Tenancy and Crop information. The main purpose of introducing the Bhoomi online portal has been to bring transparency and efficiency to the system.

What is Bhoomi System and Its Benefits?

The flagship project of Bhoomi Karnataka is spread over 175 taluks and 6,000 gram panchayats of Karnataka. All the citizens, including farmers get to access the land-related documents online, and this mainly helps in preventing corruption and manipulation of data.

Other than that, the following is a list of advantages of Bhoomi online RTC:

Easily check and download RTC copy by searching with the owner’s name and plot number
Make mutation requests as well as adjust records for sale or inheritance purpose
Track application status for mutation request
Obtain crop data by I-RTC and make use of them to insure crops and make insurance claims.
Acquire Bhoomi land records which can be used later for loan application
Submit queries related to land disputes and register the relevant documents

What is RTC Bhoomi?

RTC, also known as Pahani, is defined as Record of Rights, Tenancy and Crops. The document of Bhoomi RTC information is generally issued to the existing landowner. Following are all the information the RTC document consists of:

Land/ property owner’s information
Type of land/ property
Size of the property
Identification of soil type
Crops grown on the land
Water rate, i.e. amount of water used for this land
Liabilities such loans on the land
Tenancy
Nature of possession

What are the services provided by Bhoomi Online?

Here is a list of services the State Government extends to assist the citizens:

RTC online information
Maintenance of i-records of RTC
Record of Rights, Tenancy and Crops verification via XML
Kodagu Disaster rescue
Revenue maps
Mutation registration/ view status/ extract
Registering any cases of dispute
Tippan
Citizen registration
Citizen login
List of new Taluks

How to Register for Bhoomi Online?

If you are a new user, you must register on the Bhoomi portal by following the below-mentioned steps:

Step 1: Go to Bhoomi land records’ official website and click on the ‘create new account’ option.

Step 2: Once you are redirected to a new sign-up page, provide your personal details, address, contact number, etc., including the captcha, to verify.

Step 3: You will find either a ‘Sign-up’ or ‘Submit’ button to complete the procedure.

Upon completing the registration, you will be able to access the land records Karnataka.

How to View Karnataka Land Record Online?

To know how to check RTC online or fetch details of your land records, follow these simple steps:

Step 1: Use your credentials to log in first to the Bhoomi web portal.

Step 2: Look for the ‘View RTC and MR’ option, click on it to proceed further.

Step 3: There will be certain information required from your end; submit them carefully.

Step 4: Click on ‘Fetch details’ to obtain the information.

Documents, Fees and Charges Applicable for Bhoomi Karnataka

To avail of the services offered by the RTC Bhoomi portal and collect all the necessary documents, you will have to submit your application with a nominal user fee. The stipulated charges are mentioned below:

RTC Bhoomi: Rs.10
Mutation Report: Rs.15
Tippan: Rs.15
Mutation status: Rs.15

Apart from the land record information, the Bhoomi RTC Karnataka portal can also be used to view dispute case reports, apply for land conversion, etc. Keeping these land record documents handy makes the availing of a home loan from Bajaj Housing Finance a hassle-free process.

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