House property

This query is : Resolved

harsh agrawal (Querist)

17 September 2014 sir we are 2 brother we are taking loan to re construct our old house
we will partly let out our house, so what benefit we can avail in income tax on individual basis

we will earn rent from let out property so deduction on same

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

17 September 2014 int on loan paid shall be allowed as deduction u/s 24 and also principle repayment shall be allowed u/s 80C

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harsh agrawal

harsh agrawal (Querist)

17 September 2014 1. we both can take deduction of interest amount (50% by me and 50% by my brother

2. whole interest or according to area of let out property

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

17 September 2014 int allowed in proportion of loan taken on paper.

@VaibhavJ

@VaibhavJ (Expert)

17 September 2014 An agreement should be made in writing to avoid confusion & separate transaction to be made through bank a/c of individual.

Thanks

harsh agrawal

harsh agrawal (Querist)

17 September 2014 sir i am asking that if 50% house is let out and 50% is self occupied so i will get deduction on which amount

Ex interest P.a. is 1000000

harsh agrawal

harsh agrawal (Querist)

17 September 2014 dear Vaibhav sir please explain your words

@VaibhavJ

@VaibhavJ (Expert)

17 September 2014 Hi

I mean when asset is is occupied jointly, then all transaction which you make should be from your own a/c & not from joint a/c to claim benefits, also an agreement to be made mentioning share of each individual & amount contributed by each of you.

Thanks

@VaibhavJ

@VaibhavJ (Expert)

17 September 2014 Hi

If you have 50% ownership in property then you are eligible to claim 50% of Interest amount, i.e. Rs. 500,000/-

Thanks

@VaibhavJ

@VaibhavJ (Expert)

17 September 2014 Hi

If you have 50% ownership in property then you are eligible to claim 50% of Interest amount, i.e. Rs. 500,000/-

Thanks

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