Ans: Regarding condition your revealed, since you are the one paying the EMI and you may noted because the a beneficial co-applicant to the mortgage, you can claim new income tax advantages of the house financing. Here’s how it really works:
Notice into Casing Mortgage (Point 24): You, given that good co-applicant as well as the you to definitely paying the EMI, can allege the newest tax deduction into the attract part of the new home loan under Area 24 of Taxation Act. Maximum deduction enjoy can be Rs. 2 loan in South Coventry CT lakh for each economic seasons having a personal-occupied property.
Principal Cost (Area 80C): Likewise, you may claim the income tax deduction for the prominent repayment part of the home loan below Section 80C. However, maximum deduction allowed lower than this point is perfectly up to Rs. step one.5 lakh each financial 12 months.
Because your child and you will spouse is the court people who own the latest property, they do not qualify for such income tax positives unless of course he’s in addition to leading to the newest repayment of the financing. It is necessary to manage correct papers and you may consult a taxation advisor to have accurate guidance customized towards the certain problem.
Ans: Skills Your house Financing Circumstances You are an effective co-candidate on home financing having a principal number of Rs fifty lakhs and you may an EMI away from Rs 50,000. The fresh new priily representative, as well as the EMIs were reduced using their account fully for new earlier in the day six age. read more
