How many property you can claim tax benefits for home loan? tax benefits for under construction property. Taxation in case you have more than one house property. Question answered by Balwant Jain.
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So in case you’ve purchased a property jointly and have taken a joint home loan, each person repaying the amount would be eligible to claim whole deduction separately. If you are living in a rented premise and are taking Tax Benefit of HRA Allowance, even then you can claim Tax benefit on home loan under Section 24, Section 80EE & Section 80C.
You can claim for tax deduction under Section 24(b) only for the interest paid. The friend will have to provide you with a certificate and will be liable to pay tax on the interest earned from the loan. Can I claim tax benefit on two home loans? Generally, tax benefits can be availed only on the house claimed as self-occupied.
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The deduction for interest on housing loan for the two self-occupied house properties shall not exceed Rs 2 lakh. For the home that one purchases on a loan, the principal amount repaid up to Rs. 1.5 lakh will be deductible under Section 80C.
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But come tax time. would be limited, however, to taxes paid since 2009, because taxpayers have only three years to amend a return. And since a decision is not expected until June, couples should.
To claim the tax benefits, the house property must be bought by the individuals in their joint names. You need to be a co-owner of the house property as well as co-borrower for the home loan, to claim the tax benefits related to home loan. I hope that this answer satisfies your requirement.
If you are living in a rented premise and are taking Tax Benefit of HRA Allowance, even then you can claim Tax benefit on home loan under Section 24, Section 80EEA & Section 80C. For claiming the above tax deductions, you would be required to furnish the statement provided by the lender clearly indicating the amount payable and paid towards.