Availability of u/s 24 & 80c

This query is : Resolved

chintamani (Querist)
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16 October 2013 Dear All,

if husband & wife jointly takes housing loan on what basis they can claim the benefits under 24 & 80.....whether equally allowed

Thanks You

CA Pallav Singhania

CA Pallav Singhania (Expert)
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16 October 2013 Joint holders can claim the maximum tax benefits individually. This means each holder can get a tax rebate of Rs. 1 lakh for principal repayment under Sec 80C and Rs. 1.5 lakh for interest payment under Sec 24.

The tax benefits are applied according to the proportion of the loan taken by everyone involved in the joint loan. For e.g. if the ratio of ownership is 70%:30% then the loan amount of 50 L will be split as 35 L and 15 L respectively and interest/principal applicable to the respective amounts will be taken into account for each individual taking the loan.

For claiming your tax, it is best to procure a home sharing agreement, detailing the ownership proportion in a stamp paper, as legal proof for ownership.

regards,

@VaibhavJ

@VaibhavJ (Expert)
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16 October 2013 Hi

Agree with Aryanji, Also it is required person making payment can claim amount.

So if one of them is paying full amount then he/she can 100% deduction.

Thanks//VaibhavJ

@VaibhavJ

@VaibhavJ (Expert)
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16 October 2013 Pl refer: https://www.incometaxindia.gov.in/archive/house_property.pdf

Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 October 2013 Yes agreed with both experts.

@VaibhavJ

@VaibhavJ (Expert)
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16 October 2013 Thanks for confirmation Tusharji.

Thanks//VaibhavJ

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 October 2013 UR always welcome Vaibhav Ji.

chintamani

chintamani (Querist)
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06 August 2014 Dear All,

In continuation of above pls advice on below...

If after climing 50:50 ratio for 2 years can only husbond cliam full deduction if wife doesnot have any income for that year & again next yr 50:50 ratio

Thanks in advance

@VaibhavJ

@VaibhavJ (Expert)
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06 August 2014 Hi

If there is no agreement then claim shall be allowed on actual payment basis (or supporting entries in respective books), if wife doesn't have any income then husband can claim 100%.

Thanks//VaibhavJ

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