Tax deduction for Home Loan

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1 Points Posted on 15 July 2023

I am private sector employee, planning to reduce my taxes.

Can I avail home loan to purchase home from my mother and utilize tax benifits on home loan interest u/s 24. If yes, can I still claim HRA as I will not reside in that newly bought home.

What is the maximum deduction allowed for home loan u/s 24?

Thank you.

 

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On 15 July 2023 at 09:08 Report
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Quick Summary
This discussion clarifies home loan tax deductions for private sector employees. It explains that interest deductions under Section 24 are not available under the new tax regime. You can claim interest paid to your mother if you rent elsewhere, but you cannot claim both HRA and Section 24(b) deductions simultaneously if your property is in the same city.

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SEO Sai Gr. Hosp.
212503 Points Posted on 15 July 2023

1. The home loan interest deduction is not available under new tax regime.

2. You cannot claim HRA & sec. 24(b) deduction simultaneously, if your HP is in same city.

3. Yes, you can pay interest to your mother, which will be her taxable income.

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On 15 July 2023 at 10:05
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Profession
28261 Points Posted on 16 July 2023
You have to stay in a rented house.
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On 16 July 2023 at 18:36

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