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.