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Mihir

Mihir Tanna  |1068 Answers  |Ask -

Tax Expert - Answered on Jul 21, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
NADEEM Question by NADEEM on Jul 20, 2023Hindi
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Sir, under section 24 (b), i have renovated my ancestral home. May i claim on interest of the loan when the loan is of my name but the property is of my father name and he is totally dependent on me.

Ans: As per income tax provision, deduction for housing loan is available if person who own a house take a loan and make repayment of the same. In your case, as property is owned by father, you can not take deduction of loan.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sir, A flat was purchased and registered in my son and wife's name. Housing loan was taken for the same flat from bank. The EMI is paid by me. Bank issues the interest and Principal certificate in favor of my son and my wife as applicant and me as co applicant. Thus on the interest certificate all three names are there. Kindly guide me as to who can and how much each can claim the interest on housing loan u/s 24 and principal u/s 80C. Looking forward to your guidance. Regards. K. Subramanian
Ans: In the scenario you described, since you are the one paying the EMI and listed as a co-applicant on the loan, you can claim the tax benefits associated with the home loan. Here's how it works:

Interest on Housing Loan (Section 24): You, as a co-applicant and the one paying the EMI, can claim the tax deduction on the interest component of the home loan under Section 24 of the Income Tax Act. Since your name is on the interest certificate issued by the bank, you can claim the deduction. The maximum deduction allowed is up to Rs. 2 lakh per financial year for a self-occupied property.

Principal Repayment (Section 80C): Similarly, you can also claim the tax deduction on the principal repayment component of the home loan under Section 80C. However, the maximum deduction allowed under this section is up to Rs. 1.5 lakh per financial year.

Since your son and wife are the legal owners of the property, they do not qualify for these tax benefits unless they are also contributing to the repayment of the loan. It's essential to maintain proper documentation and consult with a tax advisor for accurate advice tailored to your specific situation.

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Dear Sir, I am 40 year old, my take home is 1.41 lacs per month. I have 11 year old daughter and 3.5 year old son. I am investing 12.5k per month in SSY (27 lacs in total) and 12.5k per month in PPF (6 lacs in total). Investing around 4k in SIP in index fund (1.2 lacs) and I have around 30 lacs in FD. I have taken 1cr term insurance and have 10lakhs health insurance for family. FD is not giving me satisfactory returns and not beating the inflation. I am planning to invest 25 lacs in buying a site. I don't have any loans and don't have major commitment other than children education. I request you to guide me on future investments, I would like to get a constant income of 1-1.5 lacs PM after 5-6 years.
Ans: Hi Ajay, understand the SSY and PPF are also not givin you enough returns, your SIP in index funds and FD all are ineffecient return making assets. Buying a site will not ensure liquidity when you will need it the most, and 10L health insurance for a family of 4 is low as well.
Having a constant income of 1-1.5L p.m. means annually 12-18L of income, and to have a passive income like that, your corpus should be 15-16x of the annual income --> which means we are looking at 1.8Cr to 2.7Cr of corpus in the next 5-6 years.
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I m a 44 yrs old . My salary 85k net per month. Rent income 1.20 lakh per month. Fixed deposit 46 lakh PPF 21.35 lakh Lap loan 46.50 lakh OD loan 6.50 lakh. Mutual funds 2.75 lakhs Shares 3.25 laks Property in Noida, jewar, dwarka , Rohini and faridbad. My wife is earning 50k per month but not contributing in assests we spend his salary on vacations and foods and cloths as she don't want to save. According to her it is my responsibility to provide foods and investment. At this age I m going to lose my jobs. I can manage all things with rental but how can I build up financial assets from here on and my triple source like salary, rental and interest helps me a lot in past. I m simple man with basic needs no extra expenses on me. But kids are in college in class 9 how can I build assests and ensure their good education
Ans: Hello Sanjiv, you have a lot of money parked in debt instruments like FD, PPF and not-liquid assets like properties as well. I would advise you to calculate your income from each asset on a yearly basis in % terms. I think that will give you a true picture of what you are earning as of now vs what you can earn in equity mutual funds which are managed by professionals.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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