Hba loan repayment - clarification

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S.A.Dhanaraj

S.A.Dhanaraj (Querist)

25 September 2012 A husband and wife working in two different organisations have taken Housing Loan for construction of their house in Bangalore. The house if self occupied. Can both Husband and Wife claim exemption on repayment of Principal on housing loan and Interest on housing loan separately. I earnestly request your advise on :

1. Can both husband and wife claim exemption on repayment of Principal amount and Interest on housing loan separately.

2. What are the conditions that are to be satisfied.

3. What are the financial limits upto to which they can the allowed exemption on repayment of Principal amount and Interest on housing loan separately.

4. The relevant sections under the which they can claim exemption on repayment of Principal and Interest on housing loans.

5. The relevant orders / rules under which the claim of both husband and wife can be allowed. Also kindly inform us from where we can download theses orders.

I would be very grateful if can also mail me the details to ambrose_dhanaraj@yahoo.co.in

Thanking you in anticipation,

Regards,
Dhanaraj

Amol S Joglekar

Amol S Joglekar (Expert)

25 September 2012 There are 2 schools of thought. 01. The income from house property... say x% owned by husband and y% owned by wife( x + y=100)(The argument is let us say a house is inherited by 2 grandson.. one daughter's son and another son's son. The house is indivisible so 2 separate entities as per corporation or municipality is not possible. Will income tax dept tax both the individual separately or uni house wise. 02. Another set of peolpe argue that house is one and indivisible and the 150000 loss is per loan and not per house property. Some one needs to take this till CBDT or WRIT to SC. Good you opened this topic.

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