Joint Home Loan: A wise decision for a double income couple
By Joseph Samson
Print    Email    RSS   

HRA benefits

Now that one is already claiming the deductions associated with the property for which a joint home loan is taken, he cannot claim for HRA (house rent allowance) benefits. HRA benefits can be availed by a person for residing on a rented property and since both people already own a property against which the tax benefits are claimed, HRA benefits fall beyond their boundary. However if one person wants to claim for HRA benefits then he has to sacrifice on his share of ownership. Here the deduction on tax can be claimed by the person taking the home loan where as the other can ask for HRA benefits on his partner's property. The Income Tax Act allows a person to claim for HRA benefits on spouse's property.

Although HRA benefits can be claimed but one has let go his ownership share and that makes him ineligible for deduction on home loan. While the rent for which the first partner will get the return will be added to the taxable income of the second partner and therefore it does not make sense to avail HRA benefits at the cost of tax deductions.

Buying a house with joint home loan would be a best decision if both the partners are earning as it will help in availing in larger amount of loan and obviously the double tax benefits.


Page    | 1234 |
(Comments Posted : 4468) Post Your Comments
1. essay writer the best college essays essay editor essay writer
Online Essay Help (Posted: Feb 11, 2018)
2. insurance auto cheap car insurance in georgia insurance auto auto insurance quotes florida
car insurance rates (Posted: Feb 11, 2018)
3. online payday loan direct lenders private lenders money lenders payday loans direct lenders
Instant Online Loans (Posted: Feb 11, 2018)
Show All Comments
 Select a product:

 Select a product:

Fixed or floating interest rate home loan:...
7 most common Home Loan problems faced by...
Repaying multiple loans – Which one...
Home Loan or Own Funds: A Classic Dilemma
NRI Banking in India

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive