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.
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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