I hold a housing loan for which I am the co applicant. the int & repayment,how much can i clam for income charge?
i have availed a home loan and my wife is the co aplicant. my quiery is, for the repayment and the interest to be exact paid by me, to what extent can i claim for the purpose of Income levy. can i claim the upto 100000 for the principle and upto 1.5lac for the interestAnswers: Someone has asked a similar give somebody the third degree somewhere else -
Here is the cut and paste !
Dedcution of Interest and Principal Are Allowed to Each Co-Owners Who Paid Interest on Home Loan
Thursday, January 11, 2007
Query 1 : I own borrowed a housing loan (Joint loan - Self, Spouse, brother), since the site is in my term and brothers name. But I am the merely re payer of the principal and interest. Can I claim full tax benefits(even though the documents shows as collective loan , with three names). If yes, what is the procedure. rap_in(a).com
Query 2: The Land is the first name of my father and we are four family member. Housing Loan is sanctioned in the term of all four member. Whether Housing loan Interest and repayment of installment can be claimed by all the four member equally in their return if they repay installment equally. or is within any other way by which Housing loan interest benefit can be claimed by adjectives the four members equally.Thanks
Answer:
There is specific provision u/s 26 of the I T Act for taxation of mutual ownership . Section 26 of the I T Act states " Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are unqualified and ascertainable, such persons shall not surrounded by respect of such property be assessed as an association of persons, but the share of respectively such person contained by the income from the property as computed in accordance next to sections 22 to 25 shall be included contained by his total income. " .
Therefore, if you are one of the owners among several one, and you paid the loan,
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Every shared owner is to be assessed individually proportionate to your share in house.
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Every united owner, who pays back the loan, will bring allowance interest deduction upto Rs 1,50,000 maximum u/s 24 of the I T Act and Rs 1,00,000 [maximum] u/s 80C .
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Although , a human being may be signatory of joint loan, even so he does not pay any amount of loan, the import tax authorities may not allow the deduction of interest.
For more Link to the above record:
http://www.taxworry.com/2007/01/dedcutio...
Hope this helps.
-N
Is a existing estate license required to start property managment business contained by florida? (pasco county)?
In the state of florida, is it required to have a legitimate estate license to own/operate a property menagement business? what type of certifications are required by law?Answers: You own to have a Real Estate Brokers license.
Not that I am aware of.
Questions on property managment....??
it seems as the norm charge for a prop managment comp is 10% of rent to muddle through + 50% of first month....generally what do the fees cover? what duties can be expected of the property managment?.....what fees would the homeowner be responsible for and what would the prop managment be responsible for?Answers: The examiner is a real estate broker and handle all aspects, including representing you contained by court. They get the high-ranking fee because they are justifiably liable for most aspects of renting. That is the main defence they are required to have a brokers license instead of a simple definite estate license.
The common tax depends on type of property. Commercial is 10%, residential is 6%.
Your property manager also prepares adjectives of your books quarterly for your accountant.
Yes, that's a reasonable property running fee. I've in fact seen better rates. The fees shoudl cover advertising the rental, showing the rental component to prospective renters, collecting rent, taking maintenance call, and arranging minor repairs, handling tenant move-out, and turnover cleaning. Probably doesn't cover court fees or major repairs.
Check your service agreement, but property control firms are famous for endorsement all repairs costs on to the homeowner. Also, I've personally have problems with property headship firms favoring their larger clients with the best personnel while letting my smaller properties sit disused for long periods beside incompetent/inexperienced managers.