Home Loan Taxation

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Question Category : Home Loan Taxation

    • New Flat Registration & Home Loan Inquiry For taking jar

      My father is planning to buy a flat in jharkhand which is under construction currently and will be handed over in next year march. Now the jharkhand govt has announced that the if the house is in the name of a female member then the registration cost will be Rs 1. So we want to buy the flat in the name of my mother and at the same time take a home loan jointly by my father and myself(Son). I will be paying the home loan emi. So kindly guide me how to make the contract paper of the house and take home loan so that i even take the benefit of Rs 1 registration cost by making the contract in the name of my mother and also take the benefit of tax saving through home loan repayment.

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 2 months ago
    • Claiming of deduction under Section 24 (2)

      Is execution of sale deed/registration with revenue sub registrar of a newly purchased house mandatory to be eligible to claim deduction on interest paid on home loan under section 24(2) of IT Act 1961 or taking possession of the house is enough?

      Profile photo of SHARMA R Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 2 months ago
    • Deduction of interest on home loan under section 24.

      I have taken a loan for construction from SBI for own staying purpose. During, 2016-17(FA), I have paid Rs.90,232/- as interest for the said year. Now, my question is whether I can claim the above entire interest amount as deduction from my gross salary under section 24(1) of income tax for 2017-18(AY)

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 2 months ago
    • How to claim income tax benefit on combination flat having

      I have purchase two 1 BHk flat and combined them into single flat with 3 room, hall and 1 kitchen. Two sale deed and two registration are there for flat. I have single home loan for both the flat.Can it be considered as my first home for income tax benefit? I am using the flat for my residential purpose. How to claim income tax benefit for home loan?

      Profile photo of madan Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 3 months, 1 week ago
    • Home loan interest deduction benefit under section 24

      I have taken a loan from govt. bank for purchase of a residential flat where my spouse is co applicant/co borrower, who is not salaried person having no income and flat is registered in her name only but the whole amount of EMI or towards repayment is being paid monthly by me only out of my salary through my salary account. Here my spouse is Co-borrower only. Can I claim whole amount towards repayment of loan u/s 24 & 80C alone ? The ownership in property documents is that of my wife. Please clarify tax rebate for FY 2017-18 in this case.

      Profile photo of Abhishek Asked By: Abhishek 1 replies 0 helpful answers Last Updated: 4 months, 2 weeks ago
    • hosing loan interest deduction on second house

      i have a share in joint property owned by father in law , brother in law and myself, all loans paid and we stay in joint family, now that i have purchased another house property again with my another brother in law, can i claim housing loan interest benefeits in income tax filling

      Profile photo of aparna Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 5 months, 1 week ago
    • Income tax benefit process and information

      I want to know all about income tax return,i don’t know how to process and where..My home loan is running and the bank provided me tax certificate so please send me all the details from basic points bcoz i have no any idea about this. Regards,Amol pawar.

      Profile photo of Amol Pawar Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 5 months, 1 week ago
    • Home loan interest deduction u/s 24 & 80c

      I have taken a loan from govt. bank for purchase of a residential flat in joint name with my spouse, who is not salaried person having no income and the whole amount of EMI or towards repayment is being paid monthly by me only out of my salary thorough my salary account. Here my spouse is Co-borrower only. Can I claim whole amount towards repayment of loan u/s 24 & 80C alone ? Also the ownership in property documents shows joint name of both the spouse. Please clarify tax rebate for FY 2017-18 in this case.

      Profile photo of Bhawani singh Rathore Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 5 months, 3 weeks ago
    • Tax on cash gifted to Daughter through cheque

      My daughter and son-in-law wants to purchase flat by taking home loan jointly from bank for saving income tax as both are working. I got retired from government service in November 2017 and received retirement benefits. I want to give gift to my daughter for purchasing flat with partial amount (say Rs 20 lakhs) through cheque in her name. Any income tax implication to Father and daughter?

      Profile photo of MADHAV UPADHYAYA Asked By: MADHAV UPADHYAYA 3 replies 1 helpful answers Last Updated: 6 months, 1 week ago
    • how to claim section 24 Housing loan interest

      I constructed new house by 2015. and i want to claim the interest through section 24. in https://www.incometaxindiaefiling.gov.in government website i could not find section 24 to enter the interest value. instead of that. i found only 80C and 80 related sections. i am little new to income tax. can someone help me to find section 24 in government eFiling website unsder ITR-1. also i could not fild this section through my company portal.

      Profile photo of vignesh Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 7 months, 2 weeks ago
    • Home loan interest reimbursement from IT

      Hi Team I forgot to submit the documents for housing loan interest. So full tax deducted from my last two months salary for not submitting Housing loan interest documents. So now I need to reimbursement from IT. Please let me know how much you charge for the same.

      Profile photo of Chandan Doddaiah Asked By: Chandan 1 replies 0 helpful answers Last Updated: 1 year, 3 months ago
    • HRA benifit

      I have given Power of attorney of my house to my wife, shall I pay rent to her and take benefit of HRA.

      Profile photo of Laiq Hasan Asked By: Laiq 1 replies 0 helpful answers Last Updated: 1 year, 6 months ago
    • New IT rules for home loan benefits

      Hi, I have a house for which I am paying rs4lakh as interest. This is a let out property, rent of RS 5k for month. As per the old home loan rule, I was able to get tax deduction on the entire loan interest. Now the rule how it will affect me.
      Regards, manas

      Profile photo of manas sahoo Asked By: manas 1 replies 0 helpful answers Last Updated: 1 year, 6 months ago
    • how can i claim the homeloan and HRA?

      Hello Good Evening!

      I am living in another city and bought a flat near to my home town,which is in under construction,not yet handover-ed to me by the builder , My Total EMI is around 32000rs,but BANK has given option to pay only homeloan interest than total EMI, until the flat handover and as per the new income tax rules,if the homelaod,which is first time and less than 25lacs,will i get extra tax exception for this financial year?.

      So Can i claim the homeloan and HRA in this financial year?

      Best Regards,
      Gopikrishna
      09620735544

      Profile photo of gopi Asked By: gopi 2 replies 2 helpful answers Last Updated: 1 year, 6 months ago