An attempt to clarify the taxability of one of the most common prevailing practice of doing investment in FDR in joint name ...
“LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?”
TAX TALK-21.01.2013-THE HITAVADA
TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?” Query 1] 1.I have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing a residential plot under Govt. scheme. The bank gave me a loan under the realty category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate in income tax. My query is, how I can get the income tax rebate on the interest amount I'm paying to the bank every year.
For that, A.Do I need to build one room, kitchen and toilet and then start claiming the income tax exemption? Or B.Should I go for additional loan from the bank to construct a house? My query is, if I go for "A", will I get the income tax exemption? Or if I go for option "B", will I get exemption on the new loan only or whether it will be addition of two loans interest? Kindly suggest me. 2.My second query is, as my plot is mo…
TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?” Query 1] 1.I have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing a residential plot under Govt. scheme. The bank gave me a loan under the realty category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate in income tax. My query is, how I can get the income tax rebate on the interest amount I'm paying to the bank every year.
For that, A.Do I need to build one room, kitchen and toilet and then start claiming the income tax exemption? Or B.Should I go for additional loan from the bank to construct a house? My query is, if I go for "A", will I get the income tax exemption? Or if I go for option "B", will I get exemption on the new loan only or whether it will be addition of two loans interest? Kindly suggest me. 2.My second query is, as my plot is mo…
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