Puneeth L (1 Points)
15 July 2023I am private sector employee, planning to reduce my taxes.
Can I avail home loan to purchase home from my mother and utilize tax benifits on home loan interest u/s 24. If yes, can I still claim HRA as I will not reside in that newly bought home.
What is the maximum deduction allowed for home loan u/s 24?
Thank you.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178301 Points)
Replied 15 July 2023
1. The home loan interest deduction is not available under new tax regime.
2. You cannot claim HRA & sec. 24(b) deduction simultaneously, if your HP is in same city.
3. Yes, you can pay interest to your mother, which will be her taxable income.
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