Query regarding deduction u/s 24 for home loan interest

hi Gaurav 

first of all u can claim this deduction after getting the possession of house property, secondly you both can claim interest deduction upto 150000 if the interest is more than 3 lacs and  ur wife can also claim the deduction under 80C on repayment of principal amount. The amount paid by you before possession can be claimed after getting possession in 5 equal installments other than that 150000.

Agree with jyothi malik. Only from the financial year u get possession of the house/completion certificate u can claim deduction u/s 24. Rs 1.50 L limit is for each owner.

If loan taken in current year, you can claim one time additional deduction of 100000 subject to certain conditions

In your case both person income tax assessee then it us not a problem. Both you can claim proportionate portion each 50% Subject to statutory limit prescribed. Interest claim as Rs.1.5lacs each & Rs.1lacs principal amount under sec.80C. Kindly refer recent circular for avail more exemption in interest additional Rs.1lacs subject to conditions is. 1. Loan should be Rs.25lacs. 2. Loan taken should be FY 2013 to 2014 might be check etc condition should be fulfill. Let me know your e mail Id I forward you the same recent notification.

1) As per Sec. 24(b), if you have taken joint home loan then you both will be eligible for Rs.150,000/- deduction individually.

2) The year in which construction completed,  you can claim whole amount of Interest and principle related to that particlar year u/s 24(b) & 80C respectively.

Interest related to preconstruction period will be spread into 5 equal installments and can be claimed from the year in which construction completed.

Point to be noted that in the year in which construction will be completed, total amount of deduction will not exceed Rs.150,000/- (including the interest of pre-construction period).

Moreover, the interest can be claimed on accrual basis, means even if you have not paid the Interest then also you can claim.

Most important information, If that house is let out then there is no restriction of Rs.150,000/-, Infact you can claim any amount u/s 24(b), there is no limit for let out property.

Clarify me about deduction u/s 24(b) on the following condition :

1] If I have taken 2 loan on same self occupied property.

2] If I have taken 2 loan one let out  and one self occupied

So, kindly inform me how much deduction I gets u/s 24(b)

Regards

AMAR RAI

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