I bought a property in the name of my wife and me. we got a home loan with myself as the borrower and my wife as a co-borrower. My wife is a home maker has no source of income. My query is can i get the total tax benefits on the home loan repayment
Dear Sir, I(Jitendra)& my wife have taken home loan of Rs.22,27,000/-from ICICI Bank Ltd.for tenure of 20 years.Both of us are salarised employee,but our EMI is going through ECS from our third A/C & not from our salary A/C.We both withdraw money from our salary A/C & deposit the same in the third bank A/C by cash. My query is that,Can we both avail tax benefit? I have received provisional certificate from ICICI for the year 2006-07.Principal component:rs.30,171/- & Intrest Component:1,29,965/-.Please clerify our query. Thanking you. Regards, Jitendra.
i have taken a Home Loam from a bank. I want to know can the bank start my EMI based on the Allotment letter from the builder or it need the Possession letter. as i have got the Allotment letter but not the possesion letter (which i'll get in 15 days) and need to start my EMI for tax saving purpose.
In present scenerio How to decide the home we are going for is legal or illegal ?
Now a days it is in the news that many Flats etc. with stamp duty paid, Registration done, Society Regd., Having Electricity Connection, Telephone Connection, LPG or Gas Line Connection, Waterline, Ration Card etc. and above all occupied by 5-10 years and in some cases having Home Loans too are given Notice for demolition declaring the same to be illegal
My company refuses to accept the fact that both husband and wife can claim tax benefits on home loan if applied jointly. They say either one of us has to claim the tax benefit completely. what is the laternative?
sir, i have gone through many article on joint home loan tax benifits limits( principle/ interest) on rediff. still this point is not clear to me. please answer this specifying section of income tax act.
both wife & husband working & co applicant in home loan. property in the name of wife only. emi debited to husband's account only. can the husband claim tax benefit under the above circumstances ? thanks/sumit
My wife is the joint owner of our flat & a co-applicant for the home loan. However, she is a housewife and has no income. I have been informed that since I'm a joint owner, I can only claim 50% of the tax exemption available under both principal & interest components. Since my wife has no income and pays no tax, is there anyway I can claim 100% tax benefits?
Sir, AS per your article, in case of joint loan of 2 borrowers each of the borrower will get benefit of Rs. 1.0 lakh (principle) and Rs. 1.5 Lakhs (interest) on home loan. i.e. total maxm. benefit of principle will be of Rs. 2.0 Lakhs and total interest benefit will be of Rs.3.00 Lakhs will be available.
But the CA of Loan bank told me that Rs. 1.0 lakh(principle) and Rs. 1.5 Laks interest will be split between borrowers and in no case maxm benefit of income tax on a joint loan will exceed the limit of Rs. 1.0 lakh principle and rs. 1.5 lakhs interest.
