I want to take home loan for a flat & Property need to registered only my mother name (house Wife) we are three brothers i alone will pay all the emi for this loan 1. Will I get a home loan 2. Will i get tax benefit
it been heard that car purchased before 30/09/2009 will attach 50 % deprecation ...... I T ACT SAYS LIGHT MOTOR VEHICLES .... SO IT INCULDES SMALL CARS TOO ? CAN I PURCHASE THE CAR AND AVAIL 50 % DEPRECIATION ?
Re: re deprecitaion on cars
by Ram L on Sep 27, 2009 01:54 PM
No depreciaiton is allowed for individuals in case of motor vehicles. What is specified in IT act is for organisations which have business income. In other words people who do not show any business income are not eligible for this depreciation benefit.
i have taken 10 lac home loan last month. i am aware that i will get tax benefit rebate on principle & interest. i like to know that is there any tax rebet on 1) registration fees (Rs 62500) and 2) home loan bank charges (Rs 9730). sujit delhi
Myself is having a home loan of approx 6 lac and may want to close this by paying fully within next six months.After that I want to purchase a new house for my self since existing one is relatively long distant from my office.At this moment Iam getting tax benefit on emi paying for the existing house.My question is whether it is possible to get the tax benefit on new loan for new property.My family should be staying on existing house and myself shall be staying on new house.Pls clarify.
Re: Home Loan and Tax Benefit
by Ram L on Sep 27, 2009 01:56 PM
Yes possible to claim. But suggested to show a marginal Income as Rent from your existing house to avoid future complications...
[i]I am having outstanding loan of Rs 5,32,000, now I am paying EMI of Rs 5,700 tenure (balance) for 16 year at 10.25 per cent. Now SBI [ Get Quote ] is offering 8 per cent for first year, 8.5 per cent for next 2 years and 2.75 per cent less than the existing PLR after 3 years. I have done so many calculations I cannot come to a conclusion whether to switch over or not. Now switch over expenditure is exactly Rs 28,000. Kindly guide us. How much I can save money. whether switch over or not.
srinivasakumar
The effective cost of the SBI Home Loan deal works out to 8.76 per cent if it's a floating rate. This is cheaper compared to your current interest rate. You should explore the option of changing your home loan lender if you have maintained a good track record of repayment on the loan.
You may want to consider the prepayment charges payable to the existing lender and the processing fee to the new lender[/i] ===================== Stupid answer, rewriting the same question as an answer!
