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HT Estates - - HTESTATES - Harsh Roongta

If I buy a house jointly with my wife who does not have her own in­come, will I be able to claim tax ex­emp­tion under sec­tions 24B and 80C for both my wife and my­self?

– Rahul Sharma You can get a home loan for a jointly-owned prop­erty based solely on your in­come. Since you will only be ser­vic­ing the loan you can claim the in­come tax ben­e­fits under Section 24 for in­ter­est payable and up to ₹ 1.5 lakh under Section 80C for re­pay­ment of the home loan.

I have bought house on loan. I am pay­ing stamp duty of R3 lakh on its reg­is­tra­tion. Can I get tax ben­e­fit of stamp duty pay­ment over and above prin­ci­pal re­pay­ment of R1 lakh?

– Ravi Ku­mar Ex­penses in­curred with re­spect to reg­is­tra­tion fee and stamp duty for a house are el­i­gi­ble for de­duc­tion under Section 80C within the over­all limit of ₹ 1.5 lakh only. You can get tax ben­e­fit on the stamp duty to­gether with other de­duc­tions like re­pay­ment of hous­ing loan, LIC, prov­i­dent fund etc. to the max­i­mum of ₹ 1.5 lakh each year. The over­all amount of de­duc­tion can­not ex­ceed ₹ 1.5 lakh.

I plan to re­pay my home loan two years be­fore the sched­uled time.

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