HOUSING LOAN INTEREST ELIGIBILITY
Suvendu Biswal (46 Points)
21 April 2021loan EMI is paid by Mr.A
whether Mr.A can eligible to get deduction for intrest and principal paid by him?
Please answer with appropriate Sec and provision.
Suvendu Biswal (46 Points)
21 April 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 21 April 2021
you both can claim a deduction of up to Rs. 2 lakh for the interest you repay on your home loan. In case the home is solely in your wife's name and she is afirst-time homebuyer, then under Section 80EEE she can claim an additional Rs. 50,000 forthe principal she repays on the housing loan.
Suvendu Biswal
(46 Points)
Replied 21 April 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 21 April 2021
Yes you can. Section 80c
https://cleartax.in/s/home-loan-tax-benefit
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 21 April 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 21 April 2021
Originally posted by : Suvendu Biswal | ||
- Mr. A is a salary employee and his wife is house wife. And Mr A bought a house in the name of his wife and made a housing loan.loan EMI is paid by Mr.Awhether Mr.A can eligible to get deduction for intrest and principal paid by him?Please answer with appropriate Sec and provision. |
If A is a co-owner, then only A will also be able to claim available deductions. Moreover, as already pointed our by Abhay, banks usually sanction loan to a borrower who is also the owner of the property.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 21 April 2021
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India