29 December 2009
No,you can't take deduction u/s 24 for the amount not exceeding 1,50,000 if loan is taken after 1.4.1999 and if the loan is taken before 1.4.1999 the ded u/s 24 cannot exceed rs 30,000, but the maximum limit for deduction is Rs 1,50,000. so u can take the ded of Rs.1,50,000 if the property is self occupied and if the property is let out there is no limit of deduction
29 December 2009
The claim of deduction is depends from whose account the EMI has debited...bank will issue interest and principal repayment certificate to both indivial if amount has been debited from both the parties and the same can be caimed accordingly...
in nutcell it will be claimed by a person from whose account EMI is debited and bank has issued certificate.
Maximum Deduction u/s 24(b) will be Rs. 1,50,000 because this deduction is not available to Person but available to the PROPERTY, and becuase there is only one Property therefore Deduction will be maximum of Rs. 1,50,000 only.
***************** Following is given in Income Tax Rules,1961, Please go through:
Property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed, the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees ******************
After Computing Income From House Property, the same Income will be distributed in the that Proportion/Ratio ,which according to Property Papers, Owned by Husband & Wife, and that same amount will be taxable in their INCOME FROM HOUSE PROPERTY, Separately.
However, Principal amount can be claim under section 80C.
Please NOTE INTEREST DEDUCTION is not available untill you do not get certificate from your Banker.
Maximum Deduction u/s 24(b) will be Rs. 1,50,000 because this deduction is not available to Person but available to the PROPERTY, and becuase there is only one Property therefore Deduction will be maximum of Rs. 1,50,000 only.
***************** Following is given in Income Tax Rules,1961, Please go through:
Property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed, the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees ******************
After Computing Income From House Property, the same Income will be distributed in the that Proportion/Ratio ,which according to Property Papers, Owned by Husband & Wife, and that same amount will be taxable in their INCOME FROM HOUSE PROPERTY, Separately.
However, Principal amount can be claim under section 80C.
Please NOTE INTEREST DEDUCTION is not available untill you do not get certificate from your Banker.
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