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Sir, i have availed home loan from a nationalised as co applicant with my dad for constructing house on the plot which is in my dad's name. Since my dad is a retired person with no income can i eligible to avail tax benifit ???
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| Thilagarbabu (Posted: Dec 2, 2008) |
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I am planning to take a home loan, where every year I am paying emi of amount Rs approx 20 lakh.My annaul salary is 6.20 lakh.So how much tax rebate I will be getting,and how much tax I will be paying,considering that I have no investment, and HRA I am paying of Amount 15,000, and PF deduction 1500. Pls help.
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| Anjali (Posted: Dec 1, 2008) |
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I am bit confused about the amount of principle repaid that can be claimed for tax deduction. I remember the ceiling on principle repayment to be Rs. 20,000. Is the eligible amount for deduction Rs.20,000 or Rs. 1,00,000?
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| Sunil (Posted: Aug 9, 2008) |
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It is legally incorrect to say that interest is allowed only on EMI payment. Interest is recognised on due basis also.
A person can have any number of house loans and all such deduction are applicable subject to the following
-interest in the case of property let out dont have any maximum ceiling.
- Only self occupied house property has 1.5 lakhs as a ceiling
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| sathya (Posted: Aug 8, 2008) |
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