Government approved architect will get you a map approved for the house.

The registered sale deed of the plot is only the only the ownership document. There is no separate registration for constructed portion 

Ownership in the house also in the ratio of 75:25. When she starts working, can pay her part of EMI and than can claim tax benefit.

1) property can be purchased in joint names 

2) loan should be taken by you jointly 

3) wife can pay her share of instalments from her bank account 

If both are co-applicant is also a co-owner of property, then both can avail full tax benefits.

1. After purchase  of the land stating the ratio of ownership you should make an agreement with your wife regarding the ratio of ownership both of you would hold in the house to be constructed.

2. Otherwise if the house is mutated in both of your names  then both of you would be held owner of the house in equal share.

She can only claim if she is co- applicant or co-owner for the said home loan

1. LTCG can be claimed ONLY by investing /financing parties, to the share ratio as documentarily financed.  Hence IF wife proves that she financed 25% for Land costs and 50% for house construction costs, THEN Wife qualifies to claim any type of taxation relief related only to her share of 25% and 50% respectively as described above.

2. The above formula shall be applicable for LTCG & other tax benefits by Husband too.

The sale deed should be registered in the joint names of both you and your wife, if you would like to have only 25% share for her in the property, you can a mention in the deed accordingly.

If your home loan is sanctioned and the EMI repayment of loan starts you will come to know about the procedures for tax exemptions.

Dear Sir/Madam,

You are suggested to consult the concerned bank/financial institution for the same. 

1. House ownership is decided by share in land on which the house is constructed. 

2. If still you want to execute some document then you can execute an agreement with your wife mentioning ownership share in the house. 

The sale deed be made as such as to specify the extent of shares you both will hold.

You should apply for loan on this basis as she is also contributing to the property.

You need to maintain bills issued by contractor , proof of payment made , acknowledgement of receipt of payment from contractor 

2) excess interest paid above exemption limit in financial year cannot be claimed for tax exemption in subsequent years 

The privileges given during the current budget shall be applicable for the next assessment year only and it may not be applicable for the old plans until and unless specified by the government in that aspect.

Under Section 24B, you can claim deduction for upto Rs. 2 lakhs for the accrual and payment of interest on home loan. Under Section 80EEA, you can claim deduction for upto Rs. 1.5 lakhs for the interest payment of home loan availed during the financial year.

Excess interest paid in that financial year beyond the exemption limit may not  be carried for the subsequent year.

The vouchers and the bills for the expenses incurred for the repair work.

You leave this task to your auditor who will take care of all such issues.

You need to keep the tracks of the Expenditures bills.

You will not required any documents for filing of IT but only require if there is any scrutiny. The documents for expenditure tax invoice bills etc

- Since the property was purchased in the joint names , then she will become co-owner of the same . 

- Further on the said documents , she will become co-borrower as well, even she is not working till time , and after submitting mealier incomes documents . 

- Further , the current budget will be applicable in the next assessment year .

- Further , Section 24b of income tax act allows deduction of interest on home loan from the taxable income , and such loan should be taken for purchase or construction or repair or reconstruction of house property. 

This is the new law. The ownership and title deeds. Any loan taken and status of loan repayments.

1. No it doesnt have retrospective effect for previous income Tax.

2. No it cannot be carry forward. 

3. Bill of renovation and repairs.

You can do that you can only switch the said tax schemes once for entire life time as per the directions of IT dept

Excemption is available for purchase of new property only. 

The New Tax Regime will apply for income earned during the financial year 2020-21 or assessment year 2021-22, for those opting for it.

As there is an incidence of tax deducted at source (TDS), the concern with many taxpayers and TDS deductors was about the timing of exercising of this option by the taxpayers.

There may be an instance when the employee declares to the employer that he will stick with Old New Tax Regime but at the time of filing ITR, he or she chooses to go with New Tax Regime.

The employers were unsure as to how the TDS will be deducted.

In order to avoid the genuine hardship in such cases, the CBDT has clarified that an employee, having income other than the income under the head ‘Profit and Gains of Business or Profession’ and intending to opt for the concessional rate under section 115 BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor shall compute his total income, and make TDS accordingly.

However, the option at the time of filing of ITR return of income under sub-section (1) of section 139 of the Act could be different from the intimation made by such employee to the employer. This means, one may inform the employer about the option – New Tax Regime or Old Tax Regime – and still choose to file ITR no matter what option has been provided to the employer.

Effectively, you can switch between new and old tax regime at the time of filing ITR.

As an employee, if you do not make any such intimation, the employer shall make TDS without considering the provision of Section 115 BAC of the Act. It means, in that case, the Old Tax Regime will apply.

The employees may still furnish their investment declaration to the employer wherein section 80 C and other tax savings can be done.

Yes you can

Yes you need to show notional rent from first house. 

You can only claim tax exemptions if you have taken loan for repair of house. 

Yes you can show this repair work for exemption from tax.