Analysis OF Housing Loan (Sec 80c and 24B)

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Thanks ...........

Hi Naveen,

Suppose i am a salaried person, then will i be able to get benefit of HRA & sec 80 C both.

Hi Deepak

Yes, u can avail the benefit of HRA, Sec. 80C and Sec. 24B

hi naveen sir,

can u just tell me -

(1) how can the deduction be claimed if the entire EMI is being paid up by one spouse only.

(2) can the son claim the deduction if he is paying the entire EMI.

Dear Mr. Naveen

if home loan is taken on joint name of husband & wife & whole interest deduction is claimed by husband from beginning can he do so.

if home loan is taken on joint name of husband & wife & whole interest deduction is claimed by husband from beginning it is allowed and AO can not deny if the loan is taken in his(husband) name and he is paying interest.

Hello Vinay

Answaer Is 

1. if loan hab been taken jointly and EMI is paid by only one spouse then assessee cain cclaim the deduction u/s 80C and 24B for whole amount.

2. In second case, I think  son can not avail the deduction since propperty is not in the name of son

thanx a lot....

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Dear Navin Sir,

Suppose the loan has been applied in joint names (brothers) & house property in both their name, but the EMI from first holder bank account only. Property has been let out, rent receipts in their joint account. Can the first holder claim full interest deduction u/s 24.

Could you please provide me your e-mail id as I need further clarification on Housing Loan

Regards

kingkkt

if Assessee taken the house loan in his wife's name, then can he get deduction of interest and principal paid by him in following cases- 

1. house is in the name of his wife 

2. house is in joint name 

@ Krishna

answer

1.Assessee can not avial the deduction under sec 24b and sec 80C

2. Assessee can claim the deduction about their loan ratio.

Dear,

I have recently paid additional tax under section 143(3). The IT department rejected this that me and my wife can claim Rs. 1.50 lacs each.

Please suggest me the way out.

thanks, Rohit

There are 3 Co-owners and Co-borrowers of a House. Assessee, his Wife and his Father.

1.)                The joint holders share in the House is not equal. But mutually they have decided share the EMI and Loan obligation in equal share. Now can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each.

2.)                The EMI is deducted from the assessee’s account and his wife and Father are reimbursing him, their respective share of EMI in Cash and sometimes by cheque, Can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each

3.)                Should he for safety sake add his father and wife’s name as joint holders in his personal Savings account .