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POSTED BY ON March 1, 2011 10:31 am COMMENTS (9)
Read somewhere that couple can avail double tax benifit on home loan if both are working.
How does that work?
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As you are changing the topic please initiate a new question.
Thanks guys.
One more request. Can you direct me to some good site which can give me competitive home loan rates in india.
Site which doesn’t pimp a particular bank( ex : bankbazaar pimping HDFC)
Yes.
Let me understand this.
If I am paying more than 1lac under 80c and 1.5 lac under 24 , Only the extra money can get exempted from spouses account.
Sunny
Not sure what you mean by that , but you and your wise can claim the deducations seperately , so if you are paying 75% EMI and your wife is paying 25% , you both can claim your limits fully upto 1 lac (80C) and 1.5 lacs for interest.
Manish
Dear Dominic, Yes the total outgo from the EMI should be 5L Rs. out of which 3L Rs. for interest pay out & 2L Rs. for principal pay out.
Your understanding is correct.
Thanks
Ashal
But if I am not wrong, they have to pay 2 lacs principle and 3 lac interest back to the bank before claiming.
Isnt?
Sunny
Yes , You can take home loan with wife , father , brother .
As far as you both are co-owner of house , paying EMI in same ratio, you both can claim tax beneifits , 1 lac under 80C for principle and 1.5 lacs under 24b for interst .so both of you can claim upto 2.5 lacs seperately , which is 5 lacs total
Manish
Manish,
I think these deductions are available only if the building/flat/home is already constructed. I don’t think these apply to under-construction buildings.
Regards,
Ram.