Re: amount of house loan to availtax benefits of 250000
by manish reena on Apr 27, 2010 11:47 AM
please tell me the amount of house loan should i take to avail tax benefits of 250000"
Hi,Me and my husband bought house recently, we both are working. My husband is owner and I'm co-owner of the house as per housing loan agreement. Now while claiming tax benefit, how much % of tax benifit can I claim? I want to claim 50% of the tax benefit, our loan amount is 25lakhs. Is it necessary to submit papers of tital plus agreement copy mentining 50-50% ownership of the flat? currently my husband pays whole EMI from his salary, but we both are owners of the flat. pls guide.
I would like to know what's the maximum tax amount that one can save by taking home loan?
As per my knowledge, Rs. 1.5 Lacs of the interest component is deducted from the total taxable income and principal component is treated as an investment under Section 80C. Is there anything else that one can save?
I have booked a house and availing a Home Loan for that. I have already paid 95% of the flat cost and rest 5% is due in September next year when I will be getting the posession. I want to ask whether I can take Tax Benefit of this loan in his Financial Year. I heard from somebody that if your payment plan is not construction linked I can avail Tax benefit from home loan even before posession.
Getting a home loan is not difficult, getting the right loan is. How would you know whether you got the best deal or not. A lot of comparison needs to go into various deals offered by various banks. Even a small change in terms of a bank can mean savings of thousands of rupees for you. Ofcourse rebate in tax is one benefit but overall terms of the bank loan do matter more. So guys shop hard before you make the final decision. www.PowerMyLoan.com (Let Banks fight for your business)
Indian law recognises separate ownership of Land and Building as such one can be a owner of a building which is built on a land belonging to somebody else. Banks normally sanction only big ticket loans here. However I dont see any reason why tax benefit isnt available if the building is in one's name
whether it is possible to increase the EMI to my desire, if I am willing and can afford to pay. Whether it is flexible i,e again can be brought in the initial range. And the lastly whether I will get tax benefit on the initail EMI or the increased EMI.
