Home Loan Repayment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2011
I HAVE AVAILED HOME LOAN OF RS.25,00,000/-. THE REPAYMENT TOWARDS PRINCIPAL IS RS.1.00.000/- AND TOWARDS INTEREST IS RS.3,50,000/-. MY TAX BRACKET IS 30% PLUS EDU CESS HAVING SALARY INCOME. OUT OF REPAYMENT 70% IS PAID BY ME AND 30% BY MY SON WHOSE TAX BRACKET IS 10% PLUS EDU CESS.
SON IS COOWNER AND LOAN IS IN BOTH NAMES.
MY QUESTION IS WHETHER IT IS BENEFICIAL FOR ME TO REPAY THIS LOAN ?
SON IS COOWNER AND LOAN IS IN BOTH NAMES.
MY QUESTION IS WHETHER IT IS BENEFICIAL FOR ME TO REPAY THIS LOAN ?
Sunil Kr. Sanganeria
(Expert)
11 May 2011
No it is not beneficial for ou to repay the whole loan.
If you repay total loan, maximum benefit you will get u/s 80C Rs.1 lacs and 1.50 lacs under section 24(b)
But if your son also repay he will ge additional benefit both 80C and 24(b) of the Income Tax Act
If you repay total loan, maximum benefit you will get u/s 80C Rs.1 lacs and 1.50 lacs under section 24(b)
But if your son also repay he will ge additional benefit both 80C and 24(b) of the Income Tax Act
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