Hi,
1. It will not have any impact on earlier claimed deduction.
2. From income tax perspective, if you have two loans, you will pay more interest and hence more deduction.
Home loan closure effect on 80c deduction
Question 1: I have got my home loan sanctioned / disbursed during f.y 2012-13, and first emi started during f.y. 2014-15. If I close this home loan during this f.y. 2017-18, is there any impact on the principle and interest deductions I have claimed in my IT assessment so far. Question 2: I have taken this home loan for self occupied property, now I am relocating for job purpose and intend to go for a new home loan to buy a home in my new place of work, is having 2 home loan is beneficial or closing the earlier loan and keeping only 1 home loan is beneficial from income tax perspective. I intend to give my present self occupied home on rent.
Asked 8 years ago in Income Tax
I can have 1 home loan for higher amount instead of 2, as my eligibility will be higher. This will have the same effect for deduction similar to 2 home loans, right? Plus i can bring fresh funds from sale of plot and reinvest to claim ltcg exemption u/s 54? Is my understanding correct
Asked 8 years ago
There will be confusion while filing ITR if you have single loan against two properties because interest had to be claimed property wise.
It's better to have two separate loans.
Can l have my mother as joint owner and co-borrower, my mother has sold a plot and to avoid tax on ltcg she wants to invest in an apartment, as the cost of apartment is more than what she can invest, i plan to be the co-owner and take home loan and she will be the co-borrower, is this possible from income tax to avoid tax on ltcg from sale of plot and also for me to avail principle and interest deduction
Asked 8 years ago
Yes, it is possible. You can do so. Please mention the he share of both the owners in the property very clearly. Share should be in the ratio of investment made by each of you.
Please feel free to call/ revert in case you need more clarity.
Hello,
Yes you can very well take your mother as a co-owner to avoid Capital Gain tags.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi,
You mother can be the co-owner to avoid capital gains tax.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
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