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Income tax rebate on home loan for co applicant


income tax rebate on home loan for co applicant

How to Claim Section 80EE Tax Deductions.
Section 80EE allows tax benefits for first time home buyers.
This avenue is now closed and loss above 2 lakh would have to be mandatorily carried forward said Sandeep Sehgal, director of tax and regulatory at Ashok Maheshwary Associates LLP.The deduction can be availed on home loans sanctioned between 1st April 2016 and 31st March 2017 only.Since the uber promo code after first ride india interest top hat coupon code 2013 component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as deduction even in subsequent years.Deduction For Stamp Duty and Registration Charges.Deduction on Principal repayment, the Principal portion of the EMI paid for the year is allowed as deduction u/s 80C.The government has cut down tax benefits borrowers enjoyed on properties let out on rent.Reversal of tax benefits.This deduction is over and above the Rs 2 lakhs limit under section 24 of the income tax act.The home loan amount should not exceed.The remaining amount of.5 lakh (Rs.5 lakh minus Rs 2 lakh) can be carried forward up to eight financial years and be adjusted later.For Assessment Year 2016-17 maximum deduction for interest paid on Self Occupied house property is 2 Lakhs.The benefit can also be claimed for more than 1 house property.The value of property for which the loan has been taken should be less than.
Maximum Deduction, conditions, principal 80c.5 Lakhs house property should not be sold within 5 years of possession.


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