Dear Sir,
I live in Gurgaon on a rent accommodation and planning to buy a ready to move house in Indirapuram (ghaziabad). Will be taking home loan for part payment and need some review on the related tax benefits –
Sec 80C – principal -max Rs 1 L
SEc 24 – interest beneift (for loan less than Rs 25L, the limit is Rs 2.5L and loan more than Rs 25L it is Rs 1.5L) – is Rs 2.5L limit only for this FY or likely to be maintained in the future.
If house is put on rent and rental income declared – Can i deduct the entire annual interest paid to get my taxable income for an year, irresepctive of the loan amount (less/more than Rs 25L).
I do not have any other loans outstanding.
I am also planning to take Rs 10L from friends (which i wish to pay back without interest) in this financial year. What can i do to ensure that it is not counted as my income from IT scruitny point of view or how can i keep it as safe both for me and friends from IT audits?
Thanks,
Prashant