Simple question about Housing Loan excemption in income tax

Hello

I have a simple doubt. I need to construct a house but land is registered in my wife's name. I need to take a housing loan.

 

So please let me know, can i get the tax excemptions for housing loan principal in EMI if i constructed using housing loan.

 

thanks in advance

 

thilag

Replies (4)
Quick Summary
This discussion clarifies whether an individual can claim tax exemptions on the principal component of their housing loan EMI, even if the land is registered in their wife's name. The consensus is that tax exemptions under Section 80C are indeed available, up to a limit of Rs. 1,50,000, provided the loan is used for constructing the house. The distinction between land and building as separate assets is also highlighted.

Yes land and building are different assets

`Yes',means  i can get the tax excemptions for housing loan principal in EMI. Please confirm.

Yes you can get the exemption u/s 80C subject to limit of Rs. 150000

Thank you Aditya.

 

I have another doubt. Land and building is different assets, land is registered and documented using the registration document. Then to register or document a building.

 

Thanks again

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