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Shantanu Ganguly

Home loan interest under 24(b)...
Sir,
I have a Land purchase loan instead of home loan, so can I get any benefit of Land purchase loan in ITR-1. If yes, then in which section I should fill the details to get benefit in ITR-1
Thank you.
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Amlan Dutta
Unfortunately no, the sections 24(b) and 80 EE deals with tax benefit associated only on Home loan interest and section 80 C w.r.t Home loan principal repayment ...but, like the name suggests this are home loan benefits not land loan benefits ...in short, there is no benefit whatsoever available fo...
  • August 5, 2018
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raghav bajaj

Home loan interest under 24(b)...
Sir, my mother has a residential house property which was purchased 7 years back, until last year we had a mortgage loan on that property in the name of my father amounting to 28 lakhs , in FY 2017-18 on that property we have taken house loan worth 40 lakh in the name of my father out of which 28 l...
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Amlan Dutta
Simply put , if loan has been used for personal purpose , no benefit under 24(b) or 80 C can be taken ..If however, utilization of loan towards property purchase(already constructed) can be shown , you can take benefit ...In this case since the mortgaged loan has been used for personal purpose, as...
  • November 27, 2018
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Lokesh Jangid

Home loan interest under 24(b)...
If property on the name of mother but home loan is taken on the father name then I want to show interest deduction on the father account but ITR 3 wants detail of property.There is no co-owner of the property but when i select no co-owner option then it shows 100% property is mine.when I select yes ...
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Amlan Dutta
You are filing ITR for father right ...if he is paying for 100% of it , then there is no question of selecting co-ownership ...he owns total ownership and there is no co-owner and so you shall select no co-owner and it shall default to 100% ownership for father.....mother shall not come into play at...
  • July 26, 2018
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