Dear Srikanth,
We purchased a house with help of home loan. For this, we paid 1.4Lacs as stamp duty & registration charges.
Property registered on My brother & My name & also co owners of it.
1. Should my brother can claim entire amount under 80C bcoz he fall under higher tax slab
2. Pre EMI is going to be start from next month. Can i declare interest paid under 24C in ITR now? or should i wait until i get
Possession? & it will be get it in next 3 months as per agreement.
1 Answers
Hi,
1 - Ideally, joint owners can individually claim deduction of the expenses in the proportion of their shares in the house property, up to Rs.1.5 lakhs each under section 80c.
2 - If you get the possession in FY 2017-18, you can claim tax benefits from this FY year onwards (ie AY 2018-19).
Suggested readings :
https://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/
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