In the latest budget 2020, the finance minister announced that the limit on tax incentives on interest paid on borrowed funds for self-acquired houses would be increased.
If it is in the case of joint ownership, the tax benefit is also doubled. According to the income tax rules, all the joint owners can avail the tax benefits on a joint home loan on the basis of certain conditions which need to be met. Benefit of Joint Ownership
It should be kept in mind that housing loan buyers can avail the income tax benefit under Section 80C, 80CC, 80D, Under 24 (b) can accept a combination of different discounts and discounts. EMI is the monthly installment (EMI) equivalent to a home loan.
Benefit of Joint Ownership.
It consists of two parts - interest and capital repayment. The income tax benefit on capital payments or major parts comes under the limit of 80C, the maximum limit per year. The interest portion falls under section 24 (b) and the limit for self-occupied house is Rs. 2 lakhs.
Important Condition to Met Before Claiming Tax Benefit in Joint Name
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However, Any housing loan of Rs 40 lakh at an annual interest rate of 10% will earn interest of about Rs 44 lakh in the initial financial year. According to the Income Tax Act, a single borrower can get a tax benefit .
Conclusion, a big savings for other investments. Important conditions to be fulfilled before claiming tax benefit in joint name The following guidelinesmust be fulfilled before claiming income tax benefits for joint ownership home. Important Condition to Met Before Claiming tax break in Joint Name
1. Both the houses should be registered in the name of the recipient.
2. The share of rights over the property should even be clearly mentioned within the registry papers.
3. The division of interest on the basis of the share of property rights may be claimed in the same proportion by each co-applicant. Example: Suppose a home ownership ratio of 50:50.
Feature of this Excel Utility :-
1) This Excel utility prepare as per the Finance Budget 2020 with New Section 115BAC New and Old Tax Regime.
2) This Excel Utility have the Salary Structure as per all Non-Govt ( Private ) Concerned Salary Pattern.
3) This Excel utility can prepare at a time your
(1)Your Income Tax Computed Sheet as per Budget 2020
(2) Automated Income Tax Calculation of House Rent Exemption U/s 10(13A)
(3)Automated Prepare Income Tax Revised Form 16 Part A&B and Part B
(4)Automated Prepare the Income Tax Form 12 BA
(5)The instruction has in this Utility how to choose the New and Old Tax Regime, so you can easy understand which Regime you will be benefited.
(6)This Excel Utility have all the amended Income Tax Section as per Budget 2020
 Employees for F.Y.2020-21 with New & Old Tax Regime as per Budget 2020){kind=link}
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