Any income tax work with reported not as much as Part 24(b) according interesting should not be stopped. LTA work with can just only be stated to have travel done to almost any lay inside Asia. Usually inform your financial financial of existing money and you may debts
I got myself a condo https://paydayloansconnecticut.com/riverside/ in the by way of a home loan about County Financial regarding India (SBI). I have already been availing the money income tax masters to have fees out of mortgage and you can interest. Today I do want to sell so it flat and buy a larger apartment. In such a case, can i need to return the tax professionals that we availed out of out-of so you can till big date? What’s going to be the most other income tax ramifications on the purchase?
Answer: Centered on Section 80C of your Income-taxation Act, 1961, for people who sell property, purchased which have financial inside five years in the avoid away from the season where it actually was very ordered, most of the tax positives you have got availed from according regarding payment of these home loan lower than Part 80C might possibly be corrected and you will shall become nonexempt in the year where you offer the latest apartment.
For you personally, the degree of principal payment stated not as much as Point 80C will feel taxable in 2010. Create note that there’s no equivalent provision to have levying tax according out-of income tax experts claimed toward appeal for the household mortgage not as much as Part 24b. Therefore, one tax work with said from you under Part 24(b) in respect of great interest percentage on the home loan will maybe not be corrected today.
As you will actually sell that it apartment just after finishing 24 month, any payouts made towards product sales are going to be addressed for as long-term capital growth (LTCG). Since you are likely to buy a new house, you could potentially simply take advantage of Area 54 rather than pay taxation on particularly LTCG in case the money on new home try equal to or higher than simply eg noted LTCG. In case the financing is lower than the noted LTCG, the advantage is available proportionately.
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Do i need to claim get-off traveling allotment (LTA) for 2 straight age e.g. 2023 and 2024? Is there any specific laws to own travel to home town in order to claim LTA?
Answer: As far as exception according of LTA is concerned, there’s no particular conditions in relation to requirements to travel to your house city. Your way will likely be done to almost any put in India and you can not always towards home town. You can allege LTA according away from several trips during the a beneficial cut off regarding couple of years. The current block from couple of years is 2022-2025.
Thus, whether or not both these years 2023 and you can 2024 fall-in a comparable cut-off, you could potentially still allege new difference for these straight ages. Actually both the visits can be undertaken for the unmarried 12 months.
Do note that the latest LTA benefit can only become stated to possess travels performed to almost any lay within this Asia. Therefore, in respect off excursion additional Asia, you might claim this new traveling costs only for traveling doing the airport that your embark on your own overseas trip.
I am going to apply for home loan. We have a personal bank loan powering out of a different lender, that i do not want to reveal in my house loan software. Basically disclose they, I will not qualify for my mortgage. Is there any way by which the lending company, in which I’m making an application for the house financing, know regarding my personal powering personal bank loan and you can refuse my home application for the loan?
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Answer: It will always be better to allow your financial lender know throughout the your existing liabilities even though this can get reduce your home loan qualifications. As well as remember that banking institutions have access to your current fund during your credit history, that your bank will eventually availableness while you are control your house mortgage app. Not disclosing the clear presence of a flowing consumer loan could go facing your.
If you’re not entitled to the desired amount borrowed, you can need a joint mortgage together with your moms and dads or partner, whether they have a stable income, once the co-debtor.
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