Ask Us

I,along with my wife,have applied for a joint home loan. Will we both be able to claim tax exemption?

In case of a joint loan,both of you can claim the interest portion of the loan to the extent of Rs.1.5 lakh each. You can claim for the interest in the same proportion in which the loans are to be paid.

I would like to buy a land in the outskirts of the city. What precautions should I take?

Firstly,deal with genuine parties who will be able to give proper papers of the concerned property. Secondly,before buying the property one needs to assess the appreciation potential,which is contingent on the developments in the vicinity. The property should ideally be a proper plotted development where common amenities like roads,drains,lights are also being planned and developed. After the property is bought,properly fencing it and visiting it once in a while are recommended.

I have a second property. Can property tax and other municipal levies be set off against income?

You are allowed to set off property taxes and other municipal levies from the income. Also,30 per cent of the rent can be set off as expenses while arriving at the net income from such a property.

The expert is,Suresh Sadagopan,Ladder7 Financial Advisories,For queries on real estate,please email us at estatesexpressindia.com