deductions available from housing loan under IT act
This query is : Resolved
Srilakshmi
(Querist)
07 December 2007
what deductions are availble if a housing loan has been taken on joint names?
can they avail deduction U/S 24 and SEc 80 separately?
Please clarify
thanks
Srilakshmi
can they avail deduction U/S 24 and SEc 80 separately?
Please clarify
thanks
Srilakshmi
07 December 2007
YES. BOTH JOINT HOLDERS CAN CLAIM BENEFIT UNDER SEC 80 C AND SEC. 24 . the total deductions THAT CAN BE CLAIMED BY EACH IS up to RS. 1.00 LAKH EACH UNDER 80 C AND UPTO Rs. 1.5 LAKHS EACH UNDER SEC 24.
IT MEANS THE TOTAL DEDUCTION PUT TOGETHER FOR BOTH COMES TO Rs. 5 LAKHS IN each FIN. YEAR.
but CONDITIONS APPLY.
1. THE PROPERTY AND LOAN SHOULD BE IN JOINT NAMES.
2. BOTH SHOULD HAVE CONTRIBUTED IN RAISING AS WELL AS REPAYING THE LOAN.
PL. VISIT www.taxworry.com
R.V.RAO
IT MEANS THE TOTAL DEDUCTION PUT TOGETHER FOR BOTH COMES TO Rs. 5 LAKHS IN each FIN. YEAR.
but CONDITIONS APPLY.
1. THE PROPERTY AND LOAN SHOULD BE IN JOINT NAMES.
2. BOTH SHOULD HAVE CONTRIBUTED IN RAISING AS WELL AS REPAYING THE LOAN.
PL. VISIT www.taxworry.com
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
