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Unlocking Tax Benefits The Joint Journey with Home Loan and Ownership

About the Case:

In this scenario, we have Partha, a recently married software engineer planning a move to Bangalore with his wife. The reason? A promising job opportunity with an attractive salary package. As they embark on this new journey, the couple is faced with the decision of buying a residential apartment in Bangalore for their family's comfort. Here's where the dilemma arises – should they opt for single ownership or consider joint ownership with his wife? To add to the complexity, they're also contemplating seeking a housing loan from the bank due to the high property value in Bangalore. This multitude of decisions and uncertainties begins to create a bit of chaos in the early days of Partha's married life. It's during this tumultuous period that a friend steps in, recommending that Partha seeks professional assistance from TaxBuddy to navigate through these challenges and plan strategically with expert guidance.

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Issues faced By


Limited Knowledge about Home Loans:

  • Partha, who's originally from a small town, found it tough to grasp the ins and outs of getting a home loan in a big city.

  • Understanding things like interest rates, repayment plans, and all the paperwork involved in a home loan process left him feeling overwhelmed.

Down Payment and EMI Struggles:

  • Getting a home loan required Partha to put down 10% of the loan amount as security in the bank, and this was a challenge given his financial situation.

  • The higher interest rates meant he had to deal with hefty EMIs, and on top of that, there was an extra EMI for a personal loan taken during his wedding. His salary wasn't enough according to the bank's criteria for the applied home loan.

Increased TDS Deduction and Tax Implications:

  • Moving to a new company brought a salary boost for Partha, but it also resulted in more money being deducted as TDS, affecting his available cash.

  • Figuring out the tax consequences of the home loan, especially in terms of interest and principal amounts, remained unclear for Partha as he navigated through filing his Income Tax Return (ITR).

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How TaxBuddy Helped