Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Open DEMAT Account with in 24 Hrs and start investing now!
General »
Open DEMAT Account in 24 hrs
 Include cryptocurrency gains in income-tax returns, say analysts
 Issues with new income tax portal to be resolved soon, says FM
 ITR Filing! You can file income tax returns OFFLINE, ONLINE. Step-by-step guide here
 Govt conducts review of legal issues in GST system: Report
  How much tax do you pay on debt investments?
 Income-tax Act, 1961 in the case of M/s Patanjali Research Foundation Trust, Haridwar
 What will be the income tax benefit if I have taken two home loans for two seperate properties?
 You can claim tax deduction on investment made in a residential house till September 30
 How income tax rule applies on your cryptocurrency gains Explained
 Why you need to re-register Digital Signature Certificate on new I-T portal Income Tax
 Payout from EPFO insurance scheme is tax free: Check details here
 Tax payment through cheques? No more!
 Things to know when selling your house Capital gains tax
 Thinking of withdrawing EPF funds due to Covid? Know about tax implications
 Withdrawing PF money due to covid? Know these tax rules

What will be the income tax benefit if I have taken two home loans for two seperate properties?
June, 29th 2021

I have an existing home loan for a property in Mumbai, in which my wife and I are co-borrowers. I took a loan of Rs 1 crore in 2016, of which Rs 30 lakh is outstanding. Now I have to move out of Mumbai. I am planning to buy a new home in the city I am moving to and need a home loan. If we buy this new place (co-owned by me and my wife), how will the income tax benefit work out?

Amit Maheshwari, Partner, AKM Global replies: In case you intend to claim both properties as self-occupied, then benefit of interest deduction is restricted to Rs 2 lakh each for co-owners in a year. This limit shall be aggregate limit for all self-occupied properties. However, in case of let out property, there is no upper limit for claiming interest. However, losses which could arise on account of such interest can be set-off against other income to the extent of Rs 2 lakh onl ..

Shubham Agrawal Senior Taxation Advisor, TaxFile.in replies: The Income Tax Act gives a list of relatives from whom you can receive gifts without any tax incidence. Son is included in that list. Therefore, there will be no tax on this transaction. Clubbing provisions do not apply to gifts given to parents. Therefore, the interest earned on this sum will be taxable in your wife’s name.

 

 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2021 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting