Tax benefit under home loan

Dear Sir,

If the entire amount is financed by you for purchase of land and it's construction, you can take the benefit of EMI u/s 24 and 80C.

THANKS

Hi,

Hope you are doing well !

Yes, you can take the benefit provided entire EMI is paid by you only.

Under section 24 (b) -Homeowners can claim a deduction of up to Rs. 2 lakhs on their home loan interest, if the owner or his family reside in the house property. The same treatment applies when the house is vacant

Thanks & Regards,

Payal Chhajed

Also, the deduction to claim principal repayment is available for up to Rs. 1,50,000 within the overall limit of Section 80C .

Further, Section 80EE allows tax benefits for first time home buyers. Income tax deduction can be claimed on home loan interest towards your first house property. The deduction allowed under this section is for interest paid on home loan up to maximum Rs 50,000 per financial year. You can continue to claim this deduction until you have fully repaid the loan.

This deduction is over and above the Rs 2 lakhs limit under section 24 of the income tax act.

Thanks & Regards,

Payal Chhajed

The EMI Benefit should be taken in the proportion in which the EMI is being paid. If the entire amount ia being paid by you, you can take the full benefit.

Hope that claridies.

Regards,

Nikhil

Dear Sir,

You can take the benefit of section 24 (b), 80C and 80EEA subject to entire repayment is done by you.

U/s 24(b), you can claim interest on home loan up to rs 2 lakh per year

80C - you can claim principal repayment of loan up to RS 1.5 lakh per year.

80EE- You can claim interest paid on home loan up to maximum Rs 50,000 per financial year. It is available only for first time home buyer.

Warm Regards,

Karishma Chhajer

YES, YOU CAN

Yes you can take benefit of home loan deduction.

Yes you can take the benefit if your name is there in the loan statement and you can claimed full amount in your return as you are paying the EMI.

Thanks.

If the house is constructed by taking loan and you are paying the entire EMI.

You can claim benefit of home loan deductions. However, this issue is subject to litigation in case your case is picked up for assessment.

You can claim int deduction for your part of loan

Hi

If your wife has not contributed any funds for the property acquisition and entire EMIs are borne by you, you become the real owner of the property. Hence, all the deductions for the loan repayments shall be available to you.

You can claim interest deduction under section 24 and principal repayment deduction under section 80C.

Also please note that any income arising from such house property shall be taxable in your hands only and not in your wife's name.

I assume the land ownership as mentioned by you is only for namesake and costs for land acquisition were borne by you.

If you are co-borrower you can claim benefit of interest and principal repayment.

The deduction is allowed on Housing "Loan" repayment under the income tax act.

Hence we are of the opinion that you can claim tax benefits.

However we suggest to take a conservative approach and consider only 50% of the interest and principal repayment which is justifiable as this being a co-borrowed loan.

Hope this resolves your queries.