Ans: Regarding condition you revealed, as you are usually the one make payment on EMI and you can indexed once the a co-applicant towards mortgage, you might claim the fresh taxation benefits associated with the house financing. Here’s how it works:
Focus on Casing Financing (Area 24): You, due to the fact a great co-applicant while the one paying the EMI, can be allege new tax deduction toward interest component of the fresh mortgage under Point 24 of Tax Work. The maximum deduction anticipate is up to Rs. dos lakh per economic season for a personal-filled assets.
Dominant Cost (Section 80C): Likewise, you can allege brand new income tax deduction to your dominant cost part of the home loan less than Part 80C. Yet not, the maximum deduction invited significantly less than which part is perfectly up to Rs. 1.5 lakh per financial 12 months.
Because your young man and you will partner certainly are the legal owners of new possessions, they don’t qualify for these tax pros unless of course they are and leading to the fresh fees of mortgage. Its necessary to maintain correct documents and you can talk to a tax coach to possess particular information customized toward certain problem.
Ans: Wisdom Your residence Loan Scenario Youre an excellent co-applicant on home financing having a principal number of Rs 50 lakhs and you can a keen EMI away from Rs fifty,000. The latest priily user, and EMIs have been repaid off their account fully for the newest prior half a dozen age. Read More
