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Hello ! I have acquired a Joint Home Loan of 30,84,000 from LIC HFL in November 2016 for 15 years of Tenure where my EMI has been decided as 32,000 per month. I am the main applicant and my father is co applicant, both of us are the co-owners of the property & salaried employees. The EMI is deducted from my Bank Account, but me & father have mutually agreed to share the EMIs in a 50:50 ratio. That being said the I will pay the full amount of EMI however my father would return me half of the amount of EMI paid for my own expenses & financial needs every month.
So can both of us claim 100% deduction each u/s 24 loss on house property self occupied- 2 lacs for interest component & u/s 80c – 1.5 lacs principal component for income tax purposes ?
As we both are co-borrowers & co-owners can we both claim total deduction of 4 lacs for interest & 3 lacs for principal in respect to the above statement ? or can the deduction can only be claimed on 50:50 ratio i.e., 1 lac (50% of 2 lacs) for interest & 75k (50% of 1.5 lacs)for principal both of us ? If the deduction ratio is 50:50 can we also split the registration charges in equal ratio while claiming deduction ? or are there any possibilities that only one of us can claim the registration charges in full for getting the maximum benefit as we are not getting 100% deduction each or its better to go with the split .
One last question can I only claim 2 lacs of interest & my father can claim 1.5 lacs for principal or vice versa for the joint home loan or its not possible ?
Your quick response will be of great help! Thanks in advance.
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When I attach a JSON file while filing ITR U, personal information error shows on the screen. I have prefilled personal information data from IT portal how to correct it ?
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Dear Amlan
Hope you are well and good.
I filled a return for refund on 30th July 2022 and submit it without E-verification. I noticed a few corrections and filled the revised return on 3 Aug 2022 and e verify it on 4th august. But I get a demand notice because they added 5000 u/s 234F. i don't know w...
Hope you are well and good.
I filled a return for refund on 30th July 2022 and submit it without E-verification. I noticed a few corrections and filled the revised return on 3 Aug 2022 and e verify it on 4th august. But I get a demand notice because they added 5000 u/s 234F. i don't know w...
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Hi Amlan Sir
Thanks for all your videos in helping and educating us, I have a query in filling the Long term capital gains on debt funds.
1. Downloaded CAMS capital gain statement and the statement is showing long term gains without indexation, Can i consider LTCG with indexation to lower my tax or...
Thanks for all your videos in helping and educating us, I have a query in filling the Long term capital gains on debt funds.
1. Downloaded CAMS capital gain statement and the statement is showing long term gains without indexation, Can i consider LTCG with indexation to lower my tax or...
Sir ,my friend filled the itr of fy 2020-2021 previous year. But he didn't get
the refund.he got a message respond for refund cofimation.And
he want to revise the return as he did some mistake in original itr.
But there is only option for accepting the refund in pending action ( worklist option)
He tri...
the refund.he got a message respond for refund cofimation.And
he want to revise the return as he did some mistake in original itr.
But there is only option for accepting the refund in pending action ( worklist option)
He tri...
Dear Amlan Sir,
I have learned a lot from your videos on Youtube regarding filing of ITR. Very Very thankful to you.
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I have learned a lot from your videos on Youtube regarding filing of ITR. Very Very thankful to you.
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Hello Amlan Sir
Thanks for posting insightful videos on you tube. esp reg EPF withdrawal .
Sir I have few further queries,
1) On resignation after completion of 15 year of continuous service, and withdrawing money from EPFO after 10 months from the Date of resignation/ date of exit from the em...
Thanks for posting insightful videos on you tube. esp reg EPF withdrawal .
Sir I have few further queries,
1) On resignation after completion of 15 year of continuous service, and withdrawing money from EPFO after 10 months from the Date of resignation/ date of exit from the em...
Dear Amlan
I received Arrears but in my return of AY 2019 20 i didnt report it.
nor was form 10e form filled.
Revision is not possible but Can i file rectification under(Return Data Correction) Sub category : Others (And what reason should i give)
Thanks in Advance
I received Arrears but in my return of AY 2019 20 i didnt report it.
nor was form 10e form filled.
Revision is not possible but Can i file rectification under(Return Data Correction) Sub category : Others (And what reason should i give)
Thanks in Advance