17 July 2013
If housing loan instalment of a single property (owned by husband and wife jointly) paid by husband and wife both and Loan interest is more than 150000/-. How much interest is eligible for deduction for each of them? i mean if the interest is 154000/- then both husband and wife can claim 77000/- or 50% of the max. limit i. e. 75000/- in their individual return? AND HOUSE PROPERTY DOES NOT CONSTRUCT. IT IS ONLY WORK IN PROCESS AND LOAN INSTALMENT IS PAID Rs. 25000. from feb. 2013 loan taken 15 Jan. 2013 and construction start 31 Jan. 2013.
CURRENT YEAR PRINCIPAL AMOUNT DEDUCTABLE UNDER SEC 80 C OR NOT
17 July 2013
Basically interest deduction allowed u/s.24b for joint owners equal basis unless the share ratio no available in the agreement. so maximum allowed deduction 50:50 Rs.75000 each
But your house is till under construction, you are not eligible to claim the deductions u/s.80C and interest u/s.24b.
Interest during construction period can be accumulate and can be claimed as pre construction interest in 5 equal installment after construction completed. so current year you cannot claim 80C & 24b both