2007-12-08 14:10:26 · 4 answers · asked by Jean-François D 1 in Business & Finance ➔ Taxes ➔ India
OK for the first 3 answers, Thanks for that... is there a specific salary range where the rule for tax deduction is not applicable..?
2007-12-11 05:03:44 · update #1
Your question is in Indian Taxes. So I will answer it with Indian Tax point of view. The monthly installments paid to bank/institutions are called EMI. All the installments paid after the house purchase, will have tax benefits. The portion of interest in EMI is can be claimed as deduction up to Rs.1,50,000 per year. The principle portion in the EMI can be claimed as deduction U/s 80C up to Rs.1,00,000 per year. These are the two benefits available in India.
2007-12-08 14:51:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The appraised fee isn't a controversy. The own loan to nicely worth (LTV) is the actual undertaking. If the acquisition fee became $320K and you gained a private loan for $240K and you paid funds for the rest, then your LTV became seventy 5%. you isn't required to pay PMI except your LTV is over eighty%. the reason of that's because of the fact Fannie Mae insures time-honored loans as much as eighty% LTV. Any volume financed over eighty% is uninsured and for this reason is achievable to the lender. they have no ensures that they are going to be waiting to recoup the different 20% in case you default on the non-public loan. If the lender forecloses and sell the valuables they'll lose funds. it is not bought for what's owed--assured. yet at seventy 5% LTV, you may no longer be made to pay PMI. even with the incontrovertible fact that, if the valuables is nicely worth $320K however the acquisition fee is $240K and you're acquiring a private loan for any volume over $192K (eighty% of $240K), you will probable be required to pay PMI. returned, it relatively is as a results of the fact your LTV is extra that eighty% of the acquisition fee. while you're putting $0 down, you probable have a one hundred% LTV own loan or a combination own loan. as an occasion, a 1st mtg for eighty% and a 2d mtg for 20%. that maintains to be a one hundred% LTV. the two loans are probable from the same lender. in case you have no longer have been given any funds to place down, you're fortunate to be waiting to get one hundred% financing best now. you've gotten magnificent credit. Take it and run... even with the incontrovertible fact that, if the broker is prepared to play ball... Thereis a down fee tips enterprise that could use the fairness interior the valuables to get you a extra helpful fee and keep away from PMI with the help of lowering your LTV. you're starting to be a extra helpful fee on an eighty% own loan and you gets to apply their $$ to place down. the broker will could conform to advance the sale fee with the help of 20% and supply the extra a reimbursement to the down fee tips co as a charitable (tax unfastened) donation after ultimate. good success!
2016-12-10 17:02:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Pre-emi ' interest ' is deductible in 5 equal installments. But it is limited under the exemption of interest up to Rs.150000/-. It is not year specific.
2007-12-10 03:30:13 · answer #3 · answered by Orthodox Purushottam Kabra 3 · 0⤊ 0⤋
That has yet to be decided by Congress. It was approved as deductible for fiscal 2007, but not beyond.
2007-12-08 14:20:00 · answer #4 · answered by acermill 7 · 0⤊ 0⤋