Income Tax Value Investing

POSTED BY Suresh Agarwal ON May 3, 2012 4:51 pm COMMENTS (4)

Suppose I invested by buying a Home Rs.1 Crore.
Down payment is made by me.
Take a loan of Rs.60,00000 lacs.
EMI is paid by me,Wife,Father and mother equally.(4persons)
I want to know how the principle and Interest paid by us should be claimed for IT purpose.
Total Int paid=600000
Total Principle amt paid=10,00000

4 replies on this article “Income Tax Value Investing”

  1. ashal jauhari says:
    May 13, 2012 at 11:28 am

    Dear Suresh, in addition to dear Manish’s reply, if you declare the rental income from the property, full 6L Rs. interest ‘ll be available for tax benefit for you against the rental income addition.

    Thanks

    Ashal

    Reply
  2. Manish Chauhan says:
    May 5, 2012 at 11:41 am

    If property is in your name, then tax can be claimed only and only by you .

    Reply
  3. Manish Chauhan says:
    May 3, 2012 at 5:34 pm

    You can claim the interest and principle for your share , so what ever you paid , can be claimed by you for that limit , but in reality did you really took loan with 4 people combined ?

    Reply
    1. Suresh Agarwal says:
      May 3, 2012 at 5:46 pm

      Dear Manish
      Property will be in my name only.
      What should be maximum limit of my share of principle and interest.
      What will be the maximum limit can be exempted from IT for wife, Father and Mother.

      Reply

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