25 February 2019
If the ownership of house is on name of wife and she is housewife and husband is paying all the EMI's. Can husband can claim the deductions prevailing to house property?
26 February 2019
No only owner of the property can claim. . It’s pertinent to note that ‘ownership’ in the property is a pre-requisite to availing any tax benefits against the property.
26 February 2019
sir one more question .......in jharkhand there is 1 rs stamp duty charges on property registered in the name of women what if i purchase the house in name of my mother and myself....whether 1 Rs benefit available for me ..........and all emi paid by me
26 February 2019
By applying jointly for a home loan, tax deduction available on home loans can be enjoyed by the co-applicants separately, provided they are co-owners of the property and each of them is contributing to the home loan repayment. a) Principal repayments are eligible for deduction under Section 80C of the Income Tax Act up to a maximum limit of Rs.1.50 lakh. b) Home loan interest payments enjoy tax deduction under Section 24 up to Rs 2 lakh if the property is self-occupied; if the property is let out, the entire interest becomes eligible for tax deduction, i.e., there is no maximum limit. In a joint home loan, since each co-applicant is eligible individually for the above deduction, the collective tax benefits are much higher than in the case of a single applicant loan.
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