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Home > Forum > Indore > Legal > Any information about tax benefits on property purchase in Indore?

Any information about tax benefits on property purchase in Indore?

Q: Hi everyone, Can you tell me the things that I must keep in mind while buying a property in Indore?

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Replies (5)
1
If you have taken loan with your partner but are paying them back yourself. You can claim exemption which will be the full amount of Rs. 2 lakh according to the law. This can happen, if you are in possession of the property.
Suraj Goyal


2
So. There's a lot to cover here. If you have taken money from friends and other such sources to make your investment. You can still claim the deduction provided that you show the proof for the said loan being taken. If you don not have any certificate to prove it. You are not eligible for it.
Arjun Singh Ranawat


3
There is a provision for that. You can claim exemption for the percentage of the loan that you have on your name. Say in your case the claim would be 1:3. 1 being for you and 3 for your partner.
Rahul Shandilya


4
Yes. Very true. The budget of the 2014-15 FY increased the tax deduction limit from Rs. 1.5 lakh to Rs. 2 lakh. You can claim deduction of the said amount for both of you. This applies if the share is 50/50.
Rashika Mahajan


5
Is yours a working class family? If you and your partner work and have different source of income, and have bough a house as co-owners. Then there's good news for you. You can avail good tax benefits that can save you anywhere near 2 lakhs of you both.
Nitish Bajpai


Can you tell me more on this?
Faizan Khan,  Indore
1st February 2015


6

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