Benefits of LAP
This query is : Resolved
31 August 2025
I am a salaried employee with no business income. I have a Loan Against Property, which is used to buy property in the name of my name and in my wife's name.
As my loan is a LAP and not a Home Loan that too in my name -
Q1. Can my wife add the Loan Interest to cost of acquisition for her under-construction flat cost.
Q2. Another flat is fully constructed and is in my name. This flat is not on rent and I do not live in this flat - Can I claim the interest under section 24b and or 80EEA or add this to cost of acquisition
I am open to receive any other suggestion to reduce my tax liabillity
As my loan is a LAP and not a Home Loan that too in my name -
Q1. Can my wife add the Loan Interest to cost of acquisition for her under-construction flat cost.
Q2. Another flat is fully constructed and is in my name. This flat is not on rent and I do not live in this flat - Can I claim the interest under section 24b and or 80EEA or add this to cost of acquisition
I am open to receive any other suggestion to reduce my tax liabillity
01 September 2025
Yes, if you can justify that you have used the loan amount in purchase of any HP.
21 September 2025
Good luck....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Copyright software
- Transporter Declaration form
- Applicability of GST on deduction for cancellation of Pension policy
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
