Documents/details needed to claim home loan tax benefits in 2024

This is that time of the year when salaried employees have to submit to their employers proof of the investment they declared at the start of the financial year. Those who have invested in a property using a home loan, can make Rs 5 lakh of their annual income tax-free by claiming deductions under Section 80C, Section 24(B) and Section 80EEA.

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What documents do you need to as proof to claim home loan tax benefits?

To claim tax deductions under the above-mentioned sections, the borrower will have to provide the employer the following documents and details:

Certificate from bank: You will have to ask your bank to provide a detailed break up of the home loan repayment for the fiscal. This will include payments made towards principal as well as interest payment. This break-up is necessary to claim deductions under different sections. For the uninitiated, Section 80C allows tax deduction against home loan principal amount payment. Section 24(B) and Section 80EEA offer deductions against home loan interest payment.

Details of the property and ownership: While submitted the documentary proof of the investment you will also have to provide the following details of the property:

House type
Property value
Loan amount
Date of start of loan
Year of acquisition
Year of completion
Year of possession
Whether you are a co-owner
Rental income, minus municipal tax
Net Asset Value
TDS deducted
Income/loss from house property
Address of the property
City
State
Pin Code
Phone

Details of the bank: Along the details about property, you will also have to provide the following details of your lender:

Your bank’s address
Your bank’s PAN
Your bank’s category: Financial institution/other/employer

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Sunita Mishra

An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.

In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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