House property

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kunal (Querist)

28 December 2012 sir,
if mr.a eligible to take RS150000 DEDUCTION OF INTEREST U/S24
HOUSE IS LET OUT FOR 3 MONTHS AND SELFOCCUPIED FOR 9 MONTHS
AND INTEREST P.M IS RS 20000 AND INTEREST OF PRE ACQUISITION PERIOD PER YEAR IS RS60000 (300000/5)

SIR PLEASE TELL HOW MUCH AMOUNT CAN MR.A CLAIM ???

@VaibhavJ

@VaibhavJ (Expert)

28 December 2012 Hi,

Int for owned period:
Current: 60000 (20000 x 3)
Prior: 15000 (5000 x 3)
Total:75,000

Allowed full since less than 1.50 Lacs

Int for Let out:
Current: 1,80,000 (20000 x 9)
Prior: 45,000 (5000 x 9)
Total:2,25,000

Allowed full since no limits.

Thanks!!

CA Manish

CA Manish (Expert)

28 December 2012 If the property is let out for part of the year and on rent for other part, then it will be regarded as let out for the full year (Sec 23 (3).

Therefore you can claim rs 20000*12 = 240000 and Rs 60000 of pre period.

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@VaibhavJ

@VaibhavJ (Expert)

28 December 2012 Agreed with expert.

Thanks for clarification.

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kunal

kunal (Querist)

28 December 2012 sir if that house is co-owned by 3 person
and self occupied for whole year
and interest is RS1,50,000

SIR NOW PLEASE TELME
HOW MUCH DEDUCTION CAN EACH ASSESSEE AVAIL???

CA Manish

CA Manish (Expert)

28 December 2012 If the HP is co owned and the share is defined in the agreement then all the co owners can claim 150000 each.

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kunal

kunal (Querist)

28 December 2012 THANK YOU VERY MUCH SIR

@VaibhavJ

@VaibhavJ (Expert)

28 December 2012 Hi,

But i have doubt, how can be more than 1 loan will be granted on single HP.

Thanks!!

CA Manish

CA Manish (Expert)

28 December 2012 Vaibhav the loan will be in the joint name and all the co owner has to pay EMI.

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kunal

kunal (Querist)

28 December 2012 SIR IF IN CO OWNED HOUSE
TOTAL AMOUNT OF PRINCIPLE AMOUNT PAID IS RS 80000
CAN EACH CO OWNER AVAIL DEDUCTION OF RS 80000 U/S 80C LIKE HOUSE PROPERTY????

@VaibhavJ

@VaibhavJ (Expert)

28 December 2012 No,

Even in HP also total interest paid will be shared among co - owners.

Thanks!!

Message likes : 1 times

CA Manish

CA Manish (Expert)

28 December 2012 if the total repayment of the loan is rs 80000/- only then how can each co owner can claim rs 80000/- each. the deduction cannot exceed the amount paid.

Rs 80000/- u/s 80c will be allowed to co owner in their respective share.

Message likes : 1 times

kunal

kunal (Querist)

28 December 2012 SIR MR. VAIBHAV SAID INTEREST PAID IS ALSO SHARED AMONG CO OWNER IN THEIR RESPECTIVE SHARE BUT AS PER SECTION 26 EACH CO OWNER SHALL BE ENTITLED TO DEDUCTION OF 30000/150000 AS THE CASE MAY BE..

SIR PLEASE CLARIFY??(IF TOTAL INTEREST IS RS 150000)

CA Manish

CA Manish (Expert)

29 December 2012 The deduction is subject to total actual payment of interest.

for example :- Share of co owner 20:30:50 and interest payment is Rs 400000/-
then each co owner will be allowed rs 80000, 120000, 150000 (share comes to rs 200000 but max can get rs 150000)respectively.

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