My set comprises of my partner who is working, my dad who is a retiree and gets a proposed superannuation of Rs 1,534 pm. We are planning to get a company jointly with my wife who will be availing of a quarters loan from HDFC. As per her wage and my savings we are not able to meet the budget, so I am delightful a loan from my dad. My mystery is can my wife and I affirm a housing loan deduct on the same property, which we are jointly purchasing - by method of loan from HDFC and by trail of a loan from my dad? —Subhash Rohra On the segment of the loan bewitched from your father, if you pay interest, the same will be deductible u/s 24, however, Sec 80C repay on head repayment will not be available. Note that this pertains only to the limited of the accommodation taken from your father.
In the keep on budget, the finance emissary announced exemptions for mediclaim charges paid for elder citizens. However, I am not certain if it has yet been notified and effective. I have occasion for to take medical warranty for both my parents, who are senior citizens.
I would understand if you can let me know. —Girish Bonde Earlier Sec 80D conclusion in reverence of medical bond premium was Rs 15,000 for an separate and Rs 20,000 for a senior citizen. However, from this year, if someone were to gain medical security for his parent/s, an additional abstraction of Rs 15,000 (over and above Rs 15,000) will be available. If such parent/s were superior citizen, the additional subtraction would be Rs 20,000. So a individual insuring himself, his spouse, children and parents could potentially get a reasoning of Rs 35,000. This arrangement is telling from 1.4.08. I would relish to be aware that if somebody is receiving HRA from their owner and staying with their parents, can he/she pay back rent to the parents and get the HRA deduction.
What documents are needed? I indicate is a comprehensible slit receipt allowed or is an agreement required?
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