I have taken housing loan from tata capital. My wife is a co-borrower. She is a housewife and she is not earning. Whether I am eligible to claim the entire interest benefit as I am only repaying the housing loan from my salary.
have taken a home loan along with my father. Loan EMI will be paid by me. property ownership on my father,s name i want to take rebate in interst principle which paid by me againest home loan. please suggest
i have taken a joint home loan with my wife on joint residential property. now my wife is not paying the installments only i am paying installments. can i take the full benefit of interest and principal paid.
I have booked a house in joint name of myself and my wife. We both are working and having PAN card and filing tax return as per the norm every year. I have taken a loan for HBA from Co-optv society of Rs 2,00,000 Lakhs, for which a deduction is made of Rs. 2500/- PM as principal from my salary and the monthly intesrest. I am geting, the loan amount (principal) of Rs 2500 deducted from my salary, in cash from my wife every month.
Q. Can we both claim for tax rebate ? 1. for my wife (for the Principal of Rs 2500/- PM deducted from my salary which she gives in cash) and 2. for myself (for the Interest deducted from my salary for the loan of Rs. 2,00,000)
We have taken rest of the HBA loan from Bank of Baroda in joint names. Here also
Q. Can we claim tax rebate 1. on Pricipal for my wife and 2. on interest for myself.
Next is : Q. 1. How much I can save on School fees for my Children ? Q. 2. Can I save the fees paid to other institutions like for Sangeet Kala Acadmey, Fiitjee Classes, other tutorial classes etc. for the same child ?
Myself and my wife are owning a flat in joint name in which my wife is primary owner and myself as a co-owner, the flat is under construction as of now so it is not registered at Tehsil as of now and builder has provided buyer’s agreement in which nothing is mentioned about the proportion of ownership. We have taken home loan in joint name in which again my wife is primary borrower and myself is co-borrower and again nothing is mentioned in the loan documents about the proportion of loan between me and my wife.
My question is: - I want to take tax benefits up to 70% of home loan repayment (principle as well as interest) and rest 30% for my wife (principle as well as interest), but the banker is saying it will issue a single certificate at the end of the year which will not mention any proportion of loan or EMI, it will just mention the amount of total principle and total interest paid jointly by us, in such case what we should, 1.Whether I should enter any agreement with my wife to decide the proportion of loan or EMI repayment or tax benefit to be availed or 2. We should repay the EMIs in 30:70 proportion, so that we can avail tax benefits accordingly or 3. Is there any other way out? 4. What will be the proportion of tax benefit if above 3 options does not work out, whether it will 50:50 for both principle and interest or any other?
I have a question, I have taken a Home loan along with my father. Loan EMI are paid by me, since my dad is a retired person and doesnt come under tax bracket. Can i claim tax rebate 100%
I have a query regarding home loan. I have taken a home loan along with my father. Loan EMI will mostly paid by me. But I want my father to use tax rebate on Intrest and Princapal amount. Is this possible?
Re: Joint home loans and tax benefits
by SURYANARAYANAN GANAPATHY on Apr 05, 2009 01:00 PM
The rebate for int. on home loan depends on the ownership of the house (i.e.whether the joint loanees are co owners or individual owners) and not on who have taken the home loan. You have to claim on the proportion of your ownership. If A and B or joint owners, each can claim Rs.1,50,000/-. In this case, even if father repays the loan for son or son repays for father, the 50% portion can be held as a gift to the other person - G. Suryanarayanan
I purchase house For Rs 20 lakhs jointly with my wife. annual interest willbe Rs. 1,80,000. House much tax benefit myself And my wife can claim under 88C please advice
I am a Govt employee drawing approx Rs 25,000/- per month. In 2002 i had availed a home loan of amount Rs 5,50,000/- and the EMI being deducted is approx Rs 6000/- per month. The house is on my name and i have been claiming the income tax benefits pertaining to the home loan. I want to avail another home loan of approx 15 Lakhs now. Is it possible for me to claim income tax benefits on the new housing loan. If yes, then what should be the disposal of the first house. Is it also possible to transfer the house on to my father's name, so that he pays the EMI and the quantum of loan to be alloted by me is increased. What other formalities/course of action should i take so that i can avail tax benefits of the second loan??
