Tax deduction for Home Loan

Tax planning 114 views 2 replies
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1 Points Joined 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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SEO Sai Gr. Hosp.
197651 Points Joined July 2016

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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27922 Points Joined May 2017
You have to stay in a rented house.
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On 16 July 2023 at 18:36


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