I have prurchased a flat which is self occupied. Me & my wife is taken a joint loan. The EMI is also dedcuted from both on a proprtinate basis. My query is.
Can we both claim interest benefit of Rs 1.5Lac each.
20 December 2012
Dear mohit I do not agree with your reply. Because when two assessees take loan jointly, who file their diffrent returns then they both are given a deduction of 150000 each. Means it is very clear and their is no reason for disallowing the exemption.
20 December 2012
Dear mohit I do not agree with your reply. Because when two assessees take loan jointly, who file their diffrent returns then they both are given a deduction of 150000 each. Means it is very clear and their is no reason for disallowing the exemption.
Thanks for your reply. I have read on rediff web site which says the below.
For instance, let us say the principal and interest repayment on your home loan for a given year is Rs 2.4 lakh (Rs 240,000) and Rs 3.5 lakh (Rs 350,000) respectively. Now, under Section 80C, you can get a maximum tax deduction of Rs 1 lakh on principal repaid and under Section 24 you can get a tax break of up to Rs 1.5 lakh on interest repaid. However, if you and your spouse have opted for a joint home loan, you would collectively be able to claim a deduction of Rs 2 lakh (Rs 200,000) and Rs 3 lakh (Rs 300,000) on the principal and interest repaid.
20 December 2012
The Act is not clear on this and the group is bound to divide on this issue. The point to be argued in favour of Pankaj is that the income from house property is "PROPERTY" based. So deduction has also to be on the same lines. The points favourable to department is why joint loan is taken... take 2 loans separately. Your views please.
20 December 2012
Dear zameer whatever you have read on rediff is absoutely correct. Also in particle life same things apply. I had seen many people claiming deduction in the same way. And also the AO allows it. So go for it.
CAclubindia
