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Anil

Anil Rego340 Answers  |Ask -

Financial Planner - Answered on Jun 09, 2022

Asked on - Jun 09, 2022Hindi

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My wife and I have booked a flat costing Rs 150 lakh. I am retiring in July 22 and my wife on dec 26; both are salaried and are in 30% income tax bracket. We plan to take a home loan of Rs40 lakh payable in the maximum limit allowed by sbi/hdfc /bank of india /axis bank (from whom we are planning to take home loan) we have made our daughter as the third owner but she is not contributing anything. My income tax for 20-21 was Rs 3.27 lakh and of my wife around Rs2 lakh. 

Please let me know whether we have to show % of our share of investment in the sale deed or agreement or can we simply leave it without mentioning anything.

In both cases how much can we pay towards interest and principal on home loan to get maximum income tax benefit?

Do you suggest to include our (unmarried working) daughter also for contribution so that she can also get income tax exemption? Expecting detailed reply from your end at the earliest. 

Ans: To claim the tax benefit on the property for you and your spouse or you, your spouse and your daughter, you need to fulfill certain criteria:

1. The person who wants to claim tax benefit (be it spouse or daughter) must be an owner of the property. Hence, there should be joint ownership of the property

2. The joint owner should also be an applicant for the loan. Owners who are not borrowers and do not contribute to the EMI shall be devoid of the tax benefits.

So, under section 80C, each co-borrower can claim a tax deduction on the principal component of the EMI. Also, each co-owner who is a loan co-applicant can claim a maximum tax deduction of Rs 2 Lakh for interest on the loan.

This will be based on the owner’s proportion of their stake in the property. You can choose to define the percentage in the sale deed or leave it without mentioning anything.

If you have not mentioned, you need to be consistent in the split across the years. The most common practice is to assume it as 50%.

(more)
Omkeshwar

Omkeshwar Singh Answer  |Ask -

Head, Rank MF - Answered on May 26, 2021

Asked on - May 26, 2021Hindi

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pl find below investments of four persons in our family in mutual funds.

1) axis dynamic fund 4254 units

2) axis bluechip 5833 stp of Rs 10000 monthly from axis dynamic fund

3) aditya birla corporate fund -7462

4) aditya birla balance advantage fund- 719

5) aditya birla flexicap fund - 537

6) canara robeco short duration fund - 7807 stp of Rs20000 to canara bluechip

7) canara blue chip fund - 4902

8) canara income fund - 4343

 9) dsp equity opp fund - 733

10) dsp shortterm fund - 1287

11) franklin us feeder opp fund -2076

12) icici blue chip fund - 60401

13) icici short term fund - 41417

14) us bluechip fund - 9198

15) equity and debt fund- 3651

16) balance advnatage fund- 4242

17) regular savings fund- 202

18) idfc banking &psu fund- 8352

16) kotak dynamic bond fund- 7429

17) parag flexi cap fund- 718

18) hdfc equity hybrid fund- 6523

19)  shortterm fund- 67090

20) corporate bond fund- 33595

21) l&t shortterm fund- 6995

22) flexi bond fund - 39600

23)sbi magnum income fund- 6906 stp of Rs10000 per month to equity hybrid fund

24)     bluechip fund- 3928

25) shorterms fund - 4915

26)  equity hybrid fund - 1084 sip pf Rs 5000 per month

27) mirae large cap fund- 10375 sip pf Rs 10000 per month 

 28)  bluechip '  - 6581        

29) mirate shortterm fund- 33279

30) motilal dynamic fund- 14254

31) focused 25 fund- 4867 sip of Rs5000 per month

32) flexi cap -35 fund - 6662 sip of Rs 10000 per month

33)motilal nasdaq fund- 22844

34) nippon small cap fund- 3102

35)sundaram corp fund- 7970 

 pl advice on consolidation .

Ans: Too many funds, almost all stocks available are there in this combined portfolio. Overdiversification is killing the performance; at present markets are high, so it would not have impacted, however in the downturn it will underperform hugely.

Kindly break the portfolio person wise along with age of the person and share details

Equity / Hybrid Schemes and Couple of Debt funds should be sufficient for each person.

(more)
Omkeshwar

Omkeshwar Singh Answer  |Ask -

Head, Rank MF - Answered on May 26, 2021

Asked on - May 26, 2021Hindi

Listen
Money
pl find below investments of four persons in our family in mutual funds.

1) axis dynamic fund 4254 units

2) axis bluechip 5833 stp of Rs 10000 monthly from axis dynamic fund

3) aditya birla corporate fund -7462

4) aditya birla balance advantage fund- 719

5) aditya birla flexicap fund - 537

6) canara robeco short duration fund - 7807 stp of Rs20000 to canara bluechip

7) canara blue chip fund - 4902

8) canara income fund - 4343

 9) dsp equity opp fund - 733

10) dsp shortterm fund - 1287

11) franklin us feeder opp fund -2076

12) icici blue chip fund - 60401

13) icici short term fund - 41417

14) us bluechip fund - 9198

15) equity and debt fund- 3651

16) balance advnatage fund- 4242

17) regular savings fund- 202

18) idfc banking &psu fund- 8352

16) kotak dynamic bond fund- 7429

17) parag flexi cap fund- 718

18) hdfc equity hybrid fund- 6523

19)  shortterm fund- 67090

20) corporate bond fund- 33595

21) l&t shortterm fund- 6995

22) flexi bond fund - 39600

23)sbi magnum income fund- 6906 stp of Rs10000 per month to equity hybrid fund

24)     bluechip fund- 3928

25) shorterms fund - 4915

26)  equity hybrid fund - 1084 sip pf Rs 5000 per month

27) mirae large cap fund- 10375 sip pf Rs 10000 per month 

 28)  bluechip '  - 6581        

29) mirate shortterm fund- 33279

30) motilal dynamic fund- 14254

31) focused 25 fund- 4867 sip of Rs5000 per month

32) flexi cap -35 fund - 6662 sip of Rs 10000 per month

33)motilal nasdaq fund- 22844

34) nippon small cap fund- 3102

35)sundaram corp fund- 7970 

 pl advice on consolidation .

Ans: Too many funds, almost all stocks available are there in this combined portfolio. Overdiversification is killing the performance; at present markets are high, so it would not have impacted, however in the downturn it will underperform hugely.

Kindly break the portfolio person wise along with age of the person and share details

Equity / Hybrid Schemes and Couple of Debt funds should be sufficient for each person.

(more)
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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