i have home loan of icici bank with IR 14% and outstanding 438000/-. i house is at pune, maharastra. i would like to transfer and repay that in 5 years. please suggest me bank or housing finance which provide me as low as ir.
I got a loan to extend a house in my fathers name. Now my parents stay in that house . I pay an EMI of Rs 4500 and my father is not an assesse. Can i get any deduction in this circumstance?
I got a housing loan and extended a house which is in my fathers name. Now my parents live in that house. I am paying an EMI of Rs 4500. Am I eligible for any deduction?
I am living on rent and am getting a tax waveoff of RS/-1.5 Lacs to my income in a year on rent slips .Now as i am planning to buy my own flat and will take a loan of roughly 10lacs.How much tax waveoff i can get from this loan amount.
RE:Rent Benefit Verses Loan Benefit by Anil.
by Amitabh on Jun 11, 2007 09:58 AM Permalink
If you buy your flat and stay there,no HRA benefits,obviously as you will not be paying any rent.So even if you receive HRA it will be fully taxable.For principal repayment on your loan you will get a deduction under sec 80C within the overall limit of Rs 1 lac alongwith all eligible investments.For interest,you will get a deduction of upto Rs 1.50 lacs per annum.I assume that you will be staying in your own flat.
I am getting a rent paid in the year tax deducted roughly around 1.5 Lacs per year .Now i am purchasing a flat worth Rs 10 Lacs on loan.Should i show the flat in tax benefit of still continue to show rent as tax benefit.I think showing rent has more tax benefit.Kindly advice.
I have a flat constructed in 1993. I had a HDFC loan - now paid up and closed - on which I had availed all tax benefits. I now wish take a home improvement loan. Are similar benefits available for the interest paid and principal repaid?
RE:Are deductions allowed on loans for home improvements?
by Amitabh on Jun 10, 2007 02:57 PM Permalink
For principall.deduction is available only for loan taken for purchase or construction of home loan.No deduction is available for loans taken for repair or renovation of the house,but if an extra unit is being constructed,the advantage will be available.But in case of interest,the deduction on payment of interest is available even if the loan is taken for repair or renovation of house.
