Home loan tax benefits

How many times a person can avail benefits from Home loan in the whole lifetime?

I wanted to know how many times a person can avail benefits from Home loan in the whole lifetime.And how many home loans at a given point of time.

No rest ructions for life time and at a given point of time. Tax benefits will be same per individual even on one home loan or multiple home loans. 80C limited to 1 lake Interest will be 1.5 lakhs if self occupied and no restriction if the house / houses are given on rent.

Suppose My Mother owns a house property in a town. Can I buy it from my mother taking Home loan from bank?

* My Question is that whether this purchase is possible. * Can I able to get the Tax benifit from the Home Loan?

yes you can buy the house from your mother and get it registered in your name. you will get a loan you can claim all benefits ( income tax wise ) on the loan amount and interest to be paid on that.

Can I get tax benefit for the interest amount I paid for home loan and the house is under construction ?

I am constructing a house on home loan from nationalized bank. The house is under construction. I am paying only the interest now for the 1st installment amount released by the bank. can I get the tax benefit for this interest amount?. When I can get the full tax benefit?

The interest that you are paying is called Pre-EMI. After disbursement of full loan amount you will pay actual EMI. The Pre-EMI becomes eligible for tax exemption only after you receive a completion certificate from the municipality. Then you can claim tax exemption on Pre-EMI in 5 equal installments, for the next 5 years.

When I buy a house with coownership with my wife,can I get 100% tax benefits on home loan myself?

My wife does not intend to apply for home loan and not a IT assesses. Where as she brings in some initial amount to buy the house; I plan to apply for the home loan fully and want to know if I can get 100% of tax benefits even though the home will be registered on joint names.

No. Take a loan from your wife which she want to invest as initial amount. Invest full amount by your self. You can add your wife as co-owner just for name sake. Both of you can obtain home loan. You will be paying the entire home loan amount from your income. In this case you can avail 100% tax benefits as your wife is a name sake co-owner. Otherwise: Normally as per share in the property. But if both of you have any agreement between you stating that you should obtain a loan (he will sign as a co-borrower for loan purpose) and the payment of installments were made by you and the loan amount is shown as your investment then it is allowed. In this case you can claim both the benefits.

Once i join the job, after how much time can i get home loan?

After i join in a new job, how long i have to wait to apply for a home loan? Is there any time duration to apply for home loan india or can i take it immediately after i join the new job?

A home loan, or mortgage, is most simply described as a loan taken out so that you can purchase a home. Here we'll explain the very basics of home loans so that you can at least have a basic knowledge of mortgages and how they work.To obtain a home loan you will need to be at least 18 years old and have the incomepayment will be based on the principal and interest rate. You may also find that some lenders require that your mortgage payment also include property taxes, insurance, etc. The interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans.

How will the decrease in home loan interest rate help the realty sector?
Everyone is talking about the cut in the interest rates for home loans. Will actually the cut gonna help in reviving the realty sector?Is it a good time to buy a property rite now or should wait for some more time?

Yes! it may ! It is the best buy trans-duration which may or may not remain further.Reduction in property prices and home loan rates could boost demand.A recovery in the property market in the next six months hinges on lower home loan rates to lure first-time buyers. Mortgage rates in India are at 12 percent to 13 percent, about twice what they are in China. That is unrealistic ! If rates are cut, the domestic demand itself will carry the country through this difficult period.It’s tough to say if a cut in interest rates will change the sentiment.In the current environment, people in India will be wary of buying property and stretching themselves. With rising interest costs and high property prices, buyers were pinning their hopes on loan rate cuts to buy homes in the festive season. For developers, who are staring at a demand slowdown, unchanged rates meant they could not prop up the sales in a traditionally busy season.High interest rates have already dented property demand in the past few quarters and expectations were that rates would soften after the Reserve Bank of India (RBI) announced a 100-basis point cut in the repo rate to 8 per cent and another 250 basis points cut in the Cash Reserve Ratio (CRR) to 6.50 per cent. However, the country’s largest bank, State Bank of India, on Monday said it would keep its lending rates, including home loan rates, unaltered.Even though loans will become cheaper, the bank plans to tighten the criteria for lending to individual borrowers.

Whether completion certificate is required for claiming for home loan benefit for income tax?

Home loan is exempted from income tax, whether completion certificate is required to be submitted for this purpose.

No completion certificate is required and nothing to be produced. Till last year, the completion date was mentioned in the computation of total income as a note. Now no computation of total income at all after the interdiction of ITR forms. If you start paying the home loan installments (EMI), you can take that date as completion date and in case of enquiry if any, you should be able to prove the completion date. That is all.

Hi, when a home loan is taken, is the monthly EMI deductible from the gross income for Income tax benefits ?

I have few more doubts: In case of the whole EMI deduction allowed or not, is there any specific limits for the declaration of Principal and/or Interest amount paid per annum ? Is the HRA claim possible even when the home loan EMI declaration is done ? For an annual gross of 14.5 lakhs with NO salary breakup and 31k home loan EMI { 18.5k HRA claimed,now in rental, new home pjt yet to finish } , how to reduce the 30k Income Tax paid ? Can anyone suggest ? I am in great confusion 'coz i heard the interest part of the EMI cant be deducted for IT purposes. Is it so ? Please help... Also, i heard, there is a possibility to reduce Income Tax by gifting 1 to 2 lakhs to one's each parent. Is that true ? In that case, is the gift to be made as a notary settlement or agreement etc? will there be any charges paid for that like service tax etc... Does that gifted amount itself will be tax-exempted ? [ deducted from one's gross income when income tax is calculated ] OR the income from investments made out of THAT gifted amount will alone be Tax-exempted ? 

Yes you can claim loan deduction as well as HRA if and only if you have taken another house on rent due to your place of work. Means you are not able to live in your own home because you have to work far away and it it not possible to come and go on daily basis. You are eligible for duduction of maximum Rs. 100,000 (principal repayment) under section 80 C. You are also eligible for deduction of maximum Rs. 150,000 on interest paid during the year. The gift part is not allowed as deduction for you. You can gift to your paretns for any amount and that will not be taxable income for your parents. You have to pay tax on your income as per normal rule and out of that income, after paying tax on it, you can gift to your parents. The gifted money will not be taxable income for your parents.