Real Estate Forum on Tax Benefits

Latest Answer: If a husband and wife are the joint owners of a property and if the wife has a separate source of income, then they can both claim tax deductions individually. The tax benefit will depend on the ownership share of each co-owner. It is always advisable to buy property in the name of wife to get tax benefits.

Latest Answer: You are right Govinda, Recently I inquired about a house. I was told that there was PSL cost. PSL stands for Premium Scenic Location. This PSL is because the flat faces mountains. The mountains are in a forest location which is owned by Government. Now who will tell the builders to stop the looting and cheating.The builders want all benefits from Government but never pass the same to flat owner.

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Latest Answer: Hi Ravi, In my point of view, the ones who have a home loan in which they are a co-applicant and pay the EMI ,they can claim the entire deduction on interest as well as principal repayments. If the home is self-occupied, the total year interest deduction would be restricted to Rs 2 lakh. I am also assuming that you would continue to pay the entire EMI until the loan is fully repaid.

Latest Answer: Hi Mr Srinivas, Foreclosed houses are the houses auctioned by banks to recover the loans that buyers fail to repay and, hence, the cut in prices. Such properties are cheaper by 10-25 per cent of their prevailing market value. Those houses are called foreclosed property. There are many definitions for foreclosed property.