Exemption of Home Constuction Loan

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manish soni

Manager- Taxation & Commercial

170 Points Posted on 18 February 2011

Little query regarding the exemption of Home Loan.

See my brother has applied for loan of Rs. 10 Lacs for construction of a house but as per his documents he is not eligible for the same so i have submitted my documents along with his and get the same.

Most important thing : registry in the name of my brother so want to know the following :

1. can we take the exemption ? if yes then whts the processor becoz we will get the amount in installment not in one shot..... ???

2. both can take the exemption of the same if yes then there is conditions or formulas for the same...??

if the registry in the name of my mother then what is the status???

Request you to please help in this regard

Thanks in advance

Regards

Replies (3)

Pankaj Arora

Learner

3134 Points Posted on 18 February 2011

Only your brother can take deduction of interest and principal. If your loan passed for 10lakh and your recd 5 lakh in first installment than you can take deduction of first 5 and than rest of amount if recd in that financial year or you can say whatever you paid towards loan as interest or principal.

manish soni

Manager- Taxation & Commercial

170 Points Posted on 18 February 2011

Thank Pankaj

any one can take or owner of the plot can take the same...???

secondly can i take the another Home loan on my documents...???? becoz all benifits taken by bro only. wht i have benifit.......can not take the deduction........can not take another home loan also......right.....!!!!!! or any other option.

have any option that i can avalie the benifit of this..!!!

Regards

Pankaj Arora

Learner

3134 Points Posted on 19 February 2011

Documents not important. You can buy flat and registerery of it in your name and than you can take deduction of principal and interest amount till IT limit.