I have taken a home load jointly with my wife. I have heard you can vary or change the sharing ratio every year by giving a declaration letter. for eg. in AY 2009-10 we take the benefit of Interest and Capital in the ratio 60-40% and next year in AY 2010-11 we take the benefit of Interest and Capital in the ratio 50-50%. What other documents we need to submit along with the IT returns?
Re: Can we change the sharing percentage of home loan benefit
by shweta gupta on Apr 06, 2012 12:20 PM
is this true that if we want to save maximum tax on housing lone's emi ,we have to live in that same house after getting pasation.(i bought a home in bangalore and paying EMI,in June i will get pushetion but at that time i m planning to shift delhi.so i just want to conform that if we are living in the same home only then we can have maximum benefit in tax relaxation or it will not effect on tax if i do not stay in same flat.please reply soon so that i can make a decision.thank you
FATHER HAS OWN HOUSE,NO IT RETURNS HAVING SMALL SCALE BUSINESS,SON IS EMPLOYE WITH 2.5 LAC/ANNUM.WANT TO CONSTRUCT A HOUSE {2 STAIR}.PLEASUE SUGGEST ME HOW TO GET A LOAN WHICH HELPS FOR SON TO GET IT BENEFITS AND RESPECTIVE SECTIONS FOR THIS LOAN. WITH REGARDS,TSV RAVI RAVI
FATHER HAS OWN HOUSE,NO IT RETURNS HAVING SMALL SCALE BUSINESS,SON IS EMPLOYE WITH 2.5 LAC/ANNUM.WANT TO CONSTRUCT A HOUSE {2 STAIR}.PLEASUE SUGGEST ME HOW TO GET A LOAN WHICH HELPS FOR SON TO GET IT BENEFITS AND RESPECTIVE SECTIONS FOR THIS LOAN. WITH REGARDS,TSV RAVI RAVI
FATHER HAS OWN HOUSE,NO IT RETURNS HAVING SMALL SCALE BUSINESS,SON IS EMPLOYE WITH 2.5 LAC/ANNUM.WANT TO CONSTRUCT A HOUSE {2 STAIR}.PLEASUE SUGGEST ME HOW TO GET A LOAN WHICH HELPS FOR SON TO GET IT BENEFITS AND RESPECTIVE SECTIONS FOR THIS LOAN. WITH REGARDS,TSV RAVI RAVI
Hi, I purchased an old flat in Dec 2006. But I shifted to that house in april due to renovation and coloring of the flat. From Dec-March I stayed in a rented house and paid the rent. My question is can I claim HRA and house loan intrest dedection for those 3 months in the tax returns? I filed the returns last year with HRA and Home loan dedection. But the IT dept sent a letter to me show the form-16 in original. So what should I do now? Is it necessary to submit my form 16? But my form-16 doesn't include the home loan dedection. In this case how should I proceed? Please suggest me.
I am planning to take a home. My Income is 7lac per annum and I am not aware about how much tax will be deducted Yearly. Can you please give a proper figure of how much tax I need to pay and based on that how home loan should I take to nullify the tax.I have also done 1 lakh investment every year. So after doing 1 lakh investment for tax saving how tax I need to pay and based on that How much home loan I can take to nullify the tax
Myself and my wife have taken a joint loan. Property is registered on both names. We both are individual tax payers. EMI are deducted only from my bank account. Now can we both get the tax benefit for the same in 60(me):40 ratio ? What is the maximum tax benefit limit for interest repayment ? and how much it is for principle amount ?
