hi,
one of my colleague has got santioned the housing loan
in that his wife is an co-applicant whether he can get claim whole amount as exemption or half of it
Please help me
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 11 November 2009
He can claim whole amount, only all instllment has to be paid from his account.
CA Rahul Jain
(CA)
(1162 Points)
Replied 11 November 2009
hi frends,
if the property is registered in the both names, then they both can claim interest exemption u/s 24(b) upto a max limit of rs. 150000/- each and cud also get deduction upto Rs. 1 Lakh on the payment of principal.
but if the property is registered in just one name, then only that person can claim the deduction and exemption even if the loan is taken in the name of more than 1 person.
plz revert..
ca.sumit
(professional)
(93 Points)
Replied 11 November 2009
bboth can claim deduction of rs 30000...
and rs 150000 if house is completed in 3 years after da end of financial year in wich loan is taken
| Originally posted by :Rahul Jain | ||
| " | hi frends, if the property is registered in the both names, then they both can claim interest exemption u/s 24(b) upto a max limit of rs. 150000/- each and cud also get deduction upto Rs. 1 Lakh on the payment of principal. but if the property is registered in just one name, then only that person can claim the deduction and exemption even if the loan is taken in the name of more than 1 person. plz revert.. |
" |
Agree.....
Parul Negi
( CA Final Student)
(175 Points)
Replied 12 November 2009
hey both can claim exemption intt u/s 24 upto max of 150,000. u/s 26 If the property of is co-owned by two or more persons than each of the co-owner shallbe entitled to the deduction of 150,000 if the loan is tken up for pur/ construction on or after 1-04-1999 and constructed with in 3yrs. from the end of the financial year in which loan was borrowed.
CAclubindia
