How to calculate income tax benefits in a joint home? With Automated Income Tax Preparation Excel Based Software All in One for Non-Govt (Private) Employees for F.Y.2020-21 with New & Old Tax Regime as per Budget 2020

Income Tax Form 16 Part B

In the latest budget 2020, the finance minister announced that the limit on tax incentives on interest paid on borrowed funds for self-acquired houses would be increased.

If it is in the case of joint ownership, the tax benefit is also doubled. According to the income tax rules, all the joint owners can avail the tax benefits on a joint home loan on the basis of certain conditions which need to be met. Benefit of Joint Ownership

It should be kept in mind that housing loan buyers can avail the income tax benefit under Section 80C, 80CC, 80D, Under 24 (b) can accept a combination of different discounts and discounts. EMI is the monthly installment (EMI) equivalent to a home loan.

Benefit of Joint Ownership.

It consists of two parts – interest and capital repayment. The income tax benefit on capital payments or major parts comes under the limit of 80C, the maximum limit per year. The interest portion falls under section 24 (b) and the limit for self-occupied house is Rs. 2 lakhs.

Important Condition to Met Before Claiming Tax Benefit in Joint Name.

However, Any housing loan of Rs 40 lakh at an annual interest rate of 10% will earn interest of about Rs 44 lakh in the initial financial year. According to the Income Tax Act, a single borrower can get a tax benefit .

Conclusion, a big savings for other investments. Important conditions to be fulfilled before claiming tax benefit in joint name The following guidelines must be fulfilled before claiming income tax benefits for joint ownership home. Important Condition to Met Before Claiming tax break in Joint Name

1. Both the houses should be registered in the name of the recipient.

2. The share of rights over the property should even be clearly mentioned within the registry papers.

3. The division of interest on the basis of the share of property rights may be claimed in the same proportion by each co-applicant. Example: Suppose a home ownership ratio of 50:50.

Download Automated Income Tax Preparation Excel Based Software All in One for Non-Govt Employees for F.Y.2020-21 & A.Y.2021-22 with New & Old Tax Regime as per Budget 2020

Feature of this Excel Utility :-

1) This Excel utility prepare as per the Finance Budget 2020 with New Section 115BAC New and Old Tax Regime.

2) This Excel Utility have the Salary Structure as per all Non-Govt ( Private ) Concerned Salary Pattern.

3) This Excel utility can prepare at a time your 

(1) Your Income Tax Computed Sheet as per Budget 2020

(2)  Automated Income Tax Calculation of House Rent Exemption U/s 10(13A)

(3) Automated Prepare Income Tax Revised Form 16 Part A&B and Part B

(4) Automated Prepare the Income Tax Form 12 BA 

(5) The instruction has in this Utility how to choose the New and Old Tax Regime, so you can easy understand which Regime you will be benefited.

(6) This Excel Utility have all the amended Income Tax Section as per Budget 2020

Income Tax Calculator for F.Y.2020-21
Income Tax Calculator for F.Y.2020-21
Income Tax Calculator for F.Y.2020-21
Income Tax Calculator for F.Y.2020-21
Income Tax Calculator for F.Y.2020-21
Income Tax Calculator for F.Y.2020-21

Enter your email address:

Delivered by FeedBurner

PRANAB BANNERJE

Author

About Author

Hi, Welcome to a leading Income Tax and Accounts Providing Web Site merataxplan.com, merataxplan.com Blog is owned and maintained by Pranab Bandyopadhyay. Basic Idea behind Income Tax & it’s to help people in achieving excellence for save tax. Data shows that even urban Indian taxpayers are less aware about Income Tax and importance of financial planning.

I thought to start a blog and write about Articles related to Income Tax, Income Tax News, Income Tax  planning, Income Tax Easy Excel Based Software and other financial Software in Excel like as Gratuity Calculator, Pension Calculator, Central and Various State Employees Accounts Software in Excel that interest me most, and which I feel will help others make better financial decisions about their money with Tax. I have sound knowledge about in MS Excel, MS Access, Visual Basic, C++, JAVA and much more knowledge on the Computer Applications.

If you are seeking professional advice tailored to your situation – I am sure there are  good certified financial professionals doing that but at merataxplan.com we just try to educate people about how to calculate Income Tax.

There are much more products for sale here but all are related to Income tax And Account Software, and merataxplan.com is not affiliated with any agents or brokers, so I can help you sell any Income Tax & Accounts Software in Excel etc.

The purpose of this blog is to spread Taxation s awareness and help people in achieving excellence for Save Tax. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Hope you find this site useful, in fulfilling your goal towards Income Tax.