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If you do not have any other loans you will be eligible for the Rs 1 lakh loan. Also,since your relationship with the present bank is nearly 3 years old,it is advised that you approach the same bank for further loan. On the basis of your relationship and your past record,the bank may also consider giving you rebate on interest rates of terms and conditions.

My wife and I have taken a home loan and the EMIs are being paid through a joint

account. Tax rebate is also being shared on 50-50 basis. Can I apply for 100 per cent of loan to be transferred into my name and thereby also get 100 per cent tax rebate from now on? What is the procedure and what are the documents required?

Neeraj Devliyal,Shimla

You will have to get a letter from the bank to prove who is paying the interest. This letter is enough to prove who is eligible for rebate. You have to

produce this letter at the tax department office at the time of filing the return and this document would be enough for you to prove your eligibility. .

Which financial institutions provide loans for people in rural area where the plan is approved by the Gram Panchayat?

Anil Goyal,Lucknow

Private Banks do not provide loans for homes passed by gram panchayat. For availing loans from private banks,the plan should be approved by a competent government authority,which would be a tehsil in your case. Approach the

nationalised banks operating in the area where the property is situated and find out the terms and conditions of banks. You can also check out for the terms and conditions of regional rural banks.

I owned stocks of a company,which I submitted during a buy back offer and made a short term gain. How will it be taxed?

Suraj Khanna,Chandigarh

The short-term capital gains from sale of shares in a buy back scheme are taxed as per the slab rate applicable to you. Short-term losses incurred from the sale of equity shares on which STT has been paid at the time of sale can be set off against the short-term capital gain from the sale of share

during buy back scheme.

Author is Business Head,Rupeetalk.com

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