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The formula for raffles sunday brunch income by your home is as follows: Income from house property rental income net of taxes (annual value) standard deduction of 30 interest paid on home loan.
2014-15 2015-16.Purpose of this section is to promote house ownership give a fillip to a number of industries like steel, cement, brick, wood etc.
The deduction on home loan for the second property goes as follows: Full interest on home loan is allowed as deduction for the let out property so there is no limit.
However, the total amount that you will be entitled to will be a total of Rs 150,000 (Rs.In case you are living in the house for which home loan is taken, both of you shall be entitled to deduction in the ratio (3:1) on account of interest on borrowed money up to a maximum.According to the Income-tax Act, 1961, where the property has been acquired or constructed with borrowed capital, the interest payable on such capital for the period prior to the year in which the property has been acquired shall be allowed as deduction in five equal.Ans: As you have taken a joint home loan, both of you are eligible for tax exemption for your share of the EMI paid.Q -2 If I buy a house jointly with my wife and take a joint home loan, Can we both claim income tax deduction?In 2009, I took a housing loan to fund the purchase of an under-construction flat in another city (Faridabad which comes under National Capital Region of Delhi but otherwise falls in Haryana).(You can claim this interest only when you are in possession of the house).This deduction is over and above the Rs 2 lakhs limit under section 24 of the income tax act.Applicable when its the only house you own and it is not rented. .If you own more than one house property and both are self-occupied, one of them is assumed to be rented out.Thus, taking a second home loan may seem like a confusing and daunting task, if implemented correctly, it can lead to a great deal of savings on income tax.TAX deduction ON home loan when property is self-occupied.Finance Minister inserted a new section relating to the additional deduction in respect of interest on loan taken for residential house property.This figure measures the amount for which your home might be expected to let out each year.If the house is given on rent, there is no restriction on this amount and both co-owners can claim deduction in the ratio of ownership- 3:1 in your case.This is subject to the maximum level of Rs 150,000 (Rs.
Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.