Comments on: FAQ On Housing Loan

By: SHYAM PAREKH

SHYAM PAREKH — Fri, 26 Mar 2010 06:41:07 +0000

We bought a house in the name of my wife .We took loan of Rs 5 lakhs in joint name to acquire that house property . EMI of that house is going from my account .The certificate from Bank states name of both my wife and me. can i get the exemption under sec 80 and 24 .–

REGARDS

By: satheesh

satheesh — Tue, 02 Feb 2010 13:30:01 +0000

Sir,
I have taken Rs.16,50,000 Home loan for individual house construction.But the land & all documents are in my mother name.the EMI amound taken from my account.
Principle : Rs.20992
Intrest: Rs.157772
EMI: Rs.16665
Let me know i can cliam for tax detuction or not.

Regards
Satheesh

By: Narayanan

Narayanan — Wed, 06 Jan 2010 11:44:54 +0000

Dear Sir,

I have a house which is on my Fathers and my name jointly in Delhi. We have registered this house for 20 lacs and taken joint home loan from nationalized bank for 5 lacs for 10 years. Now can I re register the property on my wifes and my younger brother’s name plus whether they can apply for a joint loan to any bank thus 5 lacs outstanding with nationalized banking + additional loan of 10 lacs can be sorted as a fresh loan for the re registration purpose! Please help by clarifying

By: Smitha

Smitha — Sat, 21 Nov 2009 05:37:38 +0000

if my husband alone is taking loan, can we register the property in both of our names?

By: Devakant

Devakant — Wed, 26 Aug 2009 06:09:24 +0000

Dear Sir,

We bought a house in the name of my wife .We took loan of Rs 40 lakhs in joint name to acquire that house property . EMI of that house is going from my wife’s account .The certificate from Bank states name of both my wife and me. My wife is caliming exemption under sec 80 and 24 .Our EMI bifurcation is as follows -

Principal portion – Rs 79,430
Interest portion – Rs 4,32,465

Now my question is can I also claim deduction under sec24 for Rs 1,50,000/- We can start paying thru joint account.

The fact is that property is not in joint name but the laon is joint.

Please advice me how can I go for this exemption.

Thanks in advance.

Regards

By: DHIRAJ PATHAK

DHIRAJ PATHAK — Wed, 01 Apr 2009 11:28:21 +0000

1. A & his wife are joint owners (shares not determinate) of a house property (deemed to be let out)

2. Loan for the same is taken jointly by A & B

3. Repayment of the loan is done from joint account of A.
And A is demanding full deduction upto Rs. 100000/- u/s 80C & Rs. 150000/- u/s 24
Where as his wife is also working with other company
So, pls let me know that how to give deduction to Mr. A

Please help me as it is very urgent case

By: Vinayak Rail Track

Vinayak Rail Track — Mon, 23 Mar 2009 15:44:47 +0000

We have a Proprietorship Company in West Bengal.Our Companies turnover is around 12.50 crores for the year 2008-2009.We want to convert our company into Private Ltd Company.
Please suggest us.

By: Supriya

Supriya — Wed, 18 Mar 2009 11:55:56 +0000

I would like to start my own business as a sole properitorship. I would like to confirm that is it necessary to register the firm or not. If yes, then what are the formalities…My business will be just like trading means I will purchase from some party and will sold out to the clients or other party. Does this business require TIN/TAN no.? How to go for the same. Awaiting for your promot response. Thanking you in anticipation…Supriya