Joint home loan

Tax planning 685 views 5 replies

Hi All,

1) If the new apartment is going to be registed in only one of the spouse name, but both the spouses take a joint home loan, whether the tax benefit for interest can be claimed by both ??

2) It is a ready to occupy apartment. The builder has received completion certificate. There are somebody who say service tax is not applicable once completion certificate is recevied whereas someothers say service tax will be applicable... What is the legal position for service tax once after the completion certificate is received by the builder. I have not entered into agreement or paid any money so far. (ie upto the date of completion certificate)

Kindly advise.

Rgds,

Ganesh

 

Replies (5)

Hi All,

For service tax liability, please advise what is the present position in 2013... i.e.,  in the era of 'negative list'....

Any citing of notification number would be very helpful as the amount involved is large.

Pls advise.

(The property is in Chennai)

Rgds,
Ganesh

Any guidance please...

Deduction from total Income u/S 80C in case of EMI payment & U/s 24(b) interest payment on home loan will be available to co-borrowers when they are the the co-owners of the property. hence only spouse is the owner then deduction 80c & 24(b) will not available. Service Tax will be levied only under construction property, if CC was receive by the builder before booking of such apartment/flat then service tax will not be levied.

Thank You Dibyendu,

Can  you clarify the last line please...

Originally posted by : Ganesh

Hi All,

For service tax liability, please advise what is the present position in 2013... i.e.,  in the era of 'negative list'....

Any citing of notification number would be very helpful as the amount involved is large.

Pls advise.

(The property is in Chennai)

Rgds,
Ganesh


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