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Question by CakedUp: My grandmother wants to purchase a home and use my income along with hers. Need Advise?
My grandmother would like to purchase a home and use my income along with hers. She has a good credit score but income needs a boost. Will the mortage loan also go on my credit report?
Best answer:
Answer by PrettyUgly her my advise to you
advise
is spelt advice
Know better? Leave your own answer in the comments!
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Question by : Can I claim Income Tax for home loan which(flat) is under construction?
Can I claim Income Tax for home loan which(flat) is under construction.
Do I need to occupy the house for claiming the Income Tax. What is the criteria for claiming and how much I can claim.
Best answer:
Answer by Himanshu Goyal As per indian income tax act 1961, you can claim deduction for repayment of home loan(principal amount) for home which is ready and not under construction. this deduction is available under section 80c upto maximum of rs. 1 lac.
also u can claim interest deduction under section 24 after the completion of house and the interest for the period of construction can be claimed after construction in 5 years.
