tax on property


Please briefly explain why you feel this question should be reported .


I have purchased a house cost 80 lakh in the name of my wife in FY 20-21.
Finance arranged from bank (joint loan me and my wife) – 43 lakh, personal loan from family/friend -23.25 lakh, from Thrift and Credit Society – 3 lakh and rest from personal savings.
Residing in Government allotted quarter. This is only house in my or my family’s name.
 I am paying EMI. Can I claim interest and principal rebate? My wife is Housewife.
 Should I show the house ranted out or self occupied
 Should I show the loan details in IT return, if yes, where
 Is there any tax burden on me or my friend if I share rent income with him on monthly basis

Income Tax taxlal 1 month 0 Answers 39 views 0

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