House property
This query is : Open
16 June 2014
suppose mr.x has one residential house and he wanted to purchase another residential house with the joint name of his major son and he also take a loan from bank.
1) what will be tax effect if he take loan of his name only?
And
2) what will be situation if he take loan from bank with the joint name of his major son?
16 June 2014
in first case, he shall be paying the interest and claiming the deduction for the same in his tax return
in second case the deduction shall depend on who pays how much interest and principal repayment
in second case the deduction shall depend on who pays how much interest and principal repayment
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17 June 2014
for second house he offer his house as let out or deemed to be let out and intt. paid for loan amount you claim as deduction u.s 24(b) w/o any limit .
for second situation if your son contribute the amount as you want (in form on %)
then income from house and intt. paid on loan will assessable according to your owner ship %.
for second situation if your son contribute the amount as you want (in form on %)
then income from house and intt. paid on loan will assessable according to your owner ship %.
17 June 2014
In above case, if mr. X will pay entire emi then, can his major son take benefit of sec. 24(b) & 80c.
How both will get benefit of sec. 24(b) & 80c.
How both will get benefit of sec. 24(b) & 80c.
17 June 2014
no then major son cannot take this benefit as mr x has paid emi so mr x is eligble.
19 June 2014
If both are want to take benefit of 24b & 80c then how they can?
If they open joint account in a bank through this account if they pay emi then what is situation............
If they open joint account in a bank through this account if they pay emi then what is situation............
19 June 2014
If both are want to take benefit of 24b & 80c then how they can?
If they open joint account in a bank through this account if they pay emi then what is situation............
If they open joint account in a bank through this account if they pay emi then what is situation............
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