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Home loan planner - excel based
Hi i have developed a microsoft excel based home loan calculator amortization schedule and is available for download at search on cite search on google . ithe reason why i am not attaching is that this could be revised based on inputs and / or feedback from users./i this not only calcultes the emi applicable but also gives the split of interest and principal components of each emi. in addition this also takes care of principal prepayments made and also interest rate changes done for floating rates. do mail or reply to this thread with suggestions and / or issues if any. regards. prasanth
How to make emi chart - help me in making emi chart for a car loan of rs. 5 lac?
Can anybody will help me in making emi chart. i have a car loan from bank of rs. 5 lac its tenure is 35 months and irr is 8.78 its emi is 15890 per month please help me making emi chart actually i have lost the emi chart which i have obtained from bank. please help me as early as possible.
Faq on housing loan & income tax benefit
Dear all q1 what are income tax benefits of taking and repaying a housing loan under emi plan? ans:you will be eligible to claim both the interest and principal components of your repayment during the year. interest can be claimed as a deduction under section 24. you can claim up to rs. 150000 or the actual interest repaid whichever is lower. you can claim this interest only when you are in possession of the house principal can be claimed up to the maximum of rs. 100000 under section 80c. this is subject to the maximum level of rs 100000 across all 80c investments. you will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same. q2 if i buy a house jointly with my wife and take a joint home loan can we both claim income tax deduction? ans:yes if your wife is working and has a separate source of income both of you can claim separate deductions in your income tax returns.the repayment of principal amount of the loan can be claimed as a deduction under section 80c up to a maximum amount of rs.1 lakh individually by each coowner. in cases where the house is owned by more than one person and is also selfoccupied by each coowner each coowner shall be entitled to the deduction individually on account of interest on borrowed money up to a maximum amount of rs. 1.5 lakh. if the house is given on rent there is no restriction on this amount. both coowners can claim deductions in the ratio of ownership. q3 my husband and i have jointly taken a home loan. he pays 75 percent of the emi. what will be our individual tax benefits? ans: as you have taken a joint home loan both of you are eligible for tax exemption for your share of the emi paid. for claiming income tax deduction the emi amount is divided into the principal and interest components. the repayment of the principal amount of loan is claimed as a deduction under section 80c of the income tax act up to a maximum amount of rs. 1lakh individually by each coowner. the repayment of the interest portion of the emi is also allowed as a deduction under section 24 of the act which is given under the head income from house property. in case you are living in the house for which home loan is taken both of you shall be entitled to deduction in the ratio 3:1 on account of interest on borrowed money up to a maximum of rs. 1.5 lakh individually. if the house is given on rent there is no restriction on this amount and both coowners can claim deduction in the ratio of ownership 3:1 in your case. q 4 plan to buy a house by raising loans from friends and relatives. will i be eligible for tax benefit from all sources? ans: no you can not get the tax benefits on housing loan u/s 24 and sec 80 c. it is advisable to borrow the loan from any financial institution to avoid the confusion. q 5 what are the tax benefits that i can avail of for repaying a home loan ? ans: you will be eligible to claim both the interest and principal components of your repayment during the year. interest can be claimed as a deduction under section 24. you can claim up to rs. 150000 or the actual interest repaid whichever is lower. you can claim this interest only when you are in possession of the house principal can be claimed up to the maximum of rs. 100000 under section 80c. this is subject to the maximum level of rs 100000 across all 80c investments. you will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same. q 6. can i take advantage of tax benefits from a home loan as well as claim house rent allowance hra? ans: if you took a home loan and are still living in a rented place you will be entitled to: 1. tax benefit on principal repayment under section 80c 2. tax benefit on interest payment under section 24 3. hra benefit of course you can claim tax benefits on the home loan only if your home is ready to live in during that financial year. once the construction on your home is complete the hra benefit stops. if you took a home loan got possession of the house have rented it out and stay in a rented accommodation you will be entitled to all the three benefits mentioned above. however in this case the rent you receive would be considered as your taxable income. q 7. i have a home loan in which i am a coapplicant. however the total emi amount is paid by me. what is the total income tax exemption that i can avail of? ans: yes you can claim income tax exemption if you are a co applicant in a housing loan as long as you are also the owner or co owner of the property in question. if you are only person repaying the loan you can claim the entire tax benefit for yourself provided you are an owner or coowner. you should enter into a simple agreement with the other borrowers stating that you will be repaying the entire loan. if you are paying part of the emi you will get tax benefits in the proportion to your share in the loan. q 8. i have two housing loans on two different properties. can i get tax rebate under sec 80 c of both the loans? ans: yes you can get the 80c benefit on both loans. however the total amount that you will be entitled to will be a total of rs 100000 across both the homes. the interest paid on a home loan is not directly deductible from your salary income for either of your flat loans. income from house property will be calculated for each flat you own. if either of theses calculations shows a loss this loss can be set off against your income from other heads. as for section 24 deduction on your self occupied house you can take advantage of interest payments up to rs.150000. for the other property you can claim actual interest repaid there is no limit for the same. q 9.i live in delhi in my own house. in 2007 i took a housing loan to fund the purchase of an underconstruction flat in another city faridabad which comes under national capital region of delhi but otherwise falls in haryana. it is expected to be completed in fy13. i havent claimed any tax benefit so far. what happens to the loan installments i have paid so far? can they also be claimed for tax benefit? ans: according to the incometax act 1961 where the property has been acquired or constructed with borrowed capital the interest payable on such capital for the period prior to the year in which the property has been acquired shall be allowed as deduction in five equal installments beginning from the year in which the property is acquired. thus the interest included in the loan installment paid by you during the construction period shall be eligible for deduction from the year in which the flat is acquired/construction is completed. the principal amount of the loan repaid till date shall not be available as a deduction under section 80c till the time the construction of the flat gets completed. once the flat is completed and the possession is handed over to you you will be eligible to claim deduction for interest paid on the loan under section 24b and principal amount of loan under section 80c. the total amount of deduction available under section 80c shall be limited to rs. 1 lakh. thus as of now you are not eligible for any tax benefit on such loan repayments. in case of any query please feel to revert back.
House rent allowance calculation
: i am working in hyderabad. but i have a house property in guntur for which i am paying emi s every month. can i claim both hra and emi s for my tax calculation
Company is not paying salary on time, what to do ?
Dear seniors i am working in a construction company. i have to pay bank loan emi s and my company pay salary aprrox after 01 month in next month i.e. exp : januay month salary paid in feb 28 or after completion of feb month. i have requested management or site sr.authority that i have to pay banks emi on 7th of every month. and banks are taking heavy interest approx on my accounts. as per law company have to pay salary on till 10th every month. please suggest what to do ?
500 differnt type of pre written letter format
Hi all i got one file contain more than 500 differnt type of pre written letter format i have download this from citihr site only once again uploading the same new members & other who miss this. do download it it will help u a lot to wirte the basic letter & will give u idea how to start the letter. do give me yr feedback about the same. regards jayshreervgmail.com :