Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 Won case against income tax department but still waiting for benefit? No more delay after an update in ITR portal
 Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details
 Income Tax Return: Miss THIS ITR filing deadline and you will be fined Rs 10000
 Tax contribution of petroleum sector set to drop rapidly in FY 2024-25
 Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty
 Tax regime shift: Is filing ITR under old regime still valid after default new regime?
 Income Tax Department Targets Bogus Refund Claims, Issues Notices To Taxpayers
 IT firms bullish on higher spending due to tax cuts
 How to calculate capital gains tax on sale of land?
 Don't fall for fake notices! How to verify your income tax communication
 I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?

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 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting