People income tax work with said less than Part 24(b) in respect interesting should not corrected. LTA work with can simply getting stated to possess travels done to the place in this India. Usually inform your home loan lender of your own present fund and you can liabilities
I bought an apartment from inside the as a consequence of a mortgage throughout the Condition Lender out of Asia (SBI). I have already been choosing the cash taxation masters to possess fees off financing and you can appeal. Today I wish to sell so it flat and purchase a much bigger apartment. In this case, am i going to must come back the fresh taxation masters that we availed away from from in order to right up until date? What is going to become other taxation implications of purchase?
Answer: Based on Point 80C of your own Earnings-income tax Operate, 1961, for those who sell a property, bought having mortgage contained in this five years on the prevent from the year in which it actually was thus bought, the taxation pros you really have availed of in respect of fees of such mortgage under Point 80C is reversed and you can should feel nonexempt around for which you sell the fresh new flat.
To suit your needs, the level of dominant cost claimed under Area 80C shall getting nonexempt in 2010. Manage note that there’s no equivalent provision to own levying taxation according regarding income tax experts claimed towards interest into family loan under Area 24b. Thus, any income tax work for stated by you lower than Section 24(b) in respect of great interest payment toward financial shall not end up being stopped now.
Because you will sell which flat just after doing 24 month, people winnings generated on the business will be treated as long-term resource increases (LTCG). As you are going to buy another domestic, you could potentially take benefit of Point 54 and not shell out tax into the instance LTCG in case the financing in the brand new home try equal to or higher than just such as for instance indexed LTCG. In the event your capital is leaner than the detailed LTCG, the bonus could well be offered proportionately.
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Should i claim get-off travel allowance (LTA) for two consecutive many years e.grams. 2023 and you will 2024? Could there be one specific rule having journey to home town so you can claim LTA?
Answer: So far as exception according away from LTA can be involved, there is absolutely no particular specifications as regards requirement to travel to your house area. Your way might be undertaken to almost any put in India and you may not necessarily for the home town. You can allege LTA according away from a few journeys inside a block off number of years. The current cut off out of number of years are 2022-2025.
Therefore, no matter if these two many years 2023 and you can 2024 belong a similar stop, you can nevertheless claim brand new difference both for these types of straight years. Even both the trips would be undertaken in the unmarried seasons.
Create observe that this new LTA benefit can just only end up being reported for travel undertaken to the set contained in this Asia. Very, in respect away from trip outside Asia, you can claim the new travel expenses only for travelling doing the latest airport from where you embark on your international excursion.
I’m likely to submit an application for home loan. We have a personal bank loan running how to get a loan Coaldale of a special bank, that i do not want to disclose in my house financing application. If i disclose they, I won’t be eligible for my home loan. Can there be any way by which the bank, in which I am making an application for your house mortgage, will know in the my running unsecured loan and you may refute my house loan application?
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Answer: It is usually advisable to let your home loan lender understand on all of your established debts even though this will get reduce your financial qualifications. And observe that banking institutions get access to all your established funds via your credit report, which the bank will eventually access whenever you are handling your property mortgage application. Perhaps not revealing the existence of a flowing unsecured loan could go facing your.
If you aren’t eligible for the required amount borrowed, you can always capture a combined financing together with your parents otherwise companion, whether they have a stable money, as co-debtor.