If I already has a home in my name; Can i get tax benefits on second property ?
Is tax benefit only applicable on home ? not shops or plots ?
Can I get both tax benefit for home loan & HRA from employer in same city ?
What do you think is the best EMI tenure period w.r.t Tax benefits (considering both 80c and 24b), If you have done this calculation
Any point, you would like to share in this regard.
If we take home loan, we can individually claim benefits. Suppose we paid 2 lakhs interest p.a , Can we both claim this ? or we have to pay 4 lakh interest to claim 2L each.
I am planning to buy a home and have very little idea on this and would like to get as much info as possible. Me and wife both are paying high taxes so tax benefit is also cherry on top.
From AY 2020-21 you can show 2 properties as self-occupied house properties. So you can get tax benefits on a second property. This benefit is applicable only on house properties.
Moreover, you cannot claim both the tax benefit i.e for home loan & HRA from an employer if you have job and home in same city
Points to consider for Joint Owners:
Co-owners and co-borrowers
In the case of co-owners of self-occupied house property who are also co-borrowers of a home loan, each one of them can claim a deduction on interest on the loan limited to Rs. 2 Lakh each. (Total interest actually paid can be divided)
Each of them can also claim the deduction on principal repayments, stamp duty as well as registration charges under Section 80C with the overall limit of Rs.1.5 Lakh.
The ratio of the deduction of each benefit will be in the same as the share of ownership in the property.