Tax benefit on home loan and interest
I bought a flat jointly with my father on home loan from bank which sanctioned 80% of the cost of flat only in favour of me , father being 2nd applicant. 20% of cost of flat was paid by me partly from my savings and partly from loan from mother whose tax liability is clear. Father, is retired, outside tax bracket and contributed only a meagre amount. The flat was registered in March/2016 for which I paid Registration fees and Stamp duty. At the present the house is
left vacant for my father and other family members to keep residing within a
short time after some all belongings are shifted. The location of flat is in
Kolkata while I am residing in Chennai in a rented house.. Loan and interest recovery has been started from May/2016. it is myself who is repaying the loan and inerest. What extent of tax benefit will be available during financial year 2015-16?
Asked 8 years ago in Income Tax
Whereas father is mere in the document without any contribution, may claim the maximum extent allowable on registration fees? Stamp duty was Rs.1,47,800,00 & Registration Rs.28093,00; Advocate fees Rs.10,000.00, Payment was made from my
own income plus a considerable amount received from my mother as gift or non-refundable loan. As I know deduction of interest started from May, 2016 and
pending interest is payable during fy 2016-17, I can make no claim.
May I claim deduction of entire amount of interest and principal for the fy 2016-17 while my father is co-owner only in document?
Asked 8 years ago
Further total amount of registration fees and stamp duty exceeds Rs.1,50,000.00 putting aside the payment of service taxes exceeding 1L. Besides, I have employee
profident fund and medical allowances deducted from my monthly salary. When summed up all exceeds far beyond Rs.1.5L. Your reply makes me understand that I can only claim Rs.1.5L. Aren't I?
Asked 8 years ago
Dear Sir,
Do you mean to say that in addition to a Maximum of Rs.150,000/- under Section 80C I claim a maximum of Rs.2,00,000/- as interest paid against housing loan. That is to say. Total deduction of Rs.1,50,000+2,00,000.00 equal to Rs.3,50,00.00 tax deduction will be available. What about refund of Principal component under section 24? Which are sections about interest paid and principal repayment?
Asked 8 years ago
