Housing loan query

577 views 3 replies

Hi Everyone...

Need some clarification on home loans.

Following is the case...

 

Me and my wife currently stay in Mumbai at company provided accomodation (my wifes company). Currently we do not own any home. We are plannning to buy a home in another city Nagpur for investment purpose. This is a under construction property which will take another one year to complete. As we are situated in Mumbai and the property which we are purchasing is in Nagpur, will the normal dedctions of 1.5 lakhs for intrest payment and 1 lakh for principal payment(u/s 80c) be applicable or else only the intrest payment - rent recieved will be applicable.

 

Please help me in this case as soon as possible.

Thank you in advance

 

Replies (3)

Chinmay,

You will get deduction for interest as well as principal amount.

Originally posted by : CA Ankit Totla

Chinmay,

You will get deduction for interest as well as principal amount.

Thank you Ankit..

 

As the loan and the ownership will be in a 50:50 ratio will the rent received be divided in same ratio and added to our incomes??

yes.. make sure the agreements are proper and the property is reflected in yours and your wifes balance sheet properly for the division.


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