Hi All,
Me and my wife plan to own a house jointly for 40 lacs and have applied a loan of 30 lacs. Now we need to make a downpayment of 10 lacs. Please answer the following queries:
1. Now regarding downpayment of 10 lacs, do we need to pay 5 lacs each or anyone among us can pay 10 lacs ?
2. Since the capping on investments u/s Sec 80C has been increased from 1 lacs to 1.50 lacs, can we also claim the exemption of 1.50 lacs by doing the principal repayment of housing loan which was earlier 1 lacs ?
3. Stamp duty charges and registration charges paid while purchasing a new house are eligible for tax deduction under Section 80C. Plz advise if it is true ?
4. Does the following condition apply ?
Now, what is the meaning of new house is; you are purchasing for the first time and no one stayed in that house previously. That means it is not a resold property.
5. Some experts say that expenses made on Stamp duty and registration charges can be claimed only for the calculation of capital gain and not u/s 80 C whereas and others say that they can be claimed u/s 80 C ? Plz advise
Many thanks
Vishal
CAclubindia
