House property
This query is : Resolved
Anish Modi
(Querist)
09 May 2012
I and my wife have recently taken a home loan in joint name. EMI would be paid equally by both of us.
Would like to know whether interest benefit of 150,000 each can be claimed by both of us Or both of us can claim in total 150,000 only.
Regards
Anish
Would like to know whether interest benefit of 150,000 each can be claimed by both of us Or both of us can claim in total 150,000 only.
Regards
Anish
09 May 2012
Dear Mr Anish
Yes you both are eligible to claim deduction for interest paid on home loan of Rs 150000 each.
Yes you both are eligible to claim deduction for interest paid on home loan of Rs 150000 each.
Message likes :
1 times
Sumti Bhadani
(Expert)
09 May 2012
Deductions from income from house property.
24. Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely:—
(a) a sum equal to thirty per cent of the annual value;
(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:
Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction shall not exceed thirty thousand rupees :
Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed [within three years from the end of the financial year in which capital was borrowed], the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees.
The section clearly specifies that the deduction of interest is in respect of house property and not in respect of assessee. Therefore according to me toal deduction of Rs. 1,50,000/- only can be claimed.
24. Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely:—
(a) a sum equal to thirty per cent of the annual value;
(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:
Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction shall not exceed thirty thousand rupees :
Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed [within three years from the end of the financial year in which capital was borrowed], the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees.
The section clearly specifies that the deduction of interest is in respect of house property and not in respect of assessee. Therefore according to me toal deduction of Rs. 1,50,000/- only can be claimed.
CA CS Amit S. Kedia
(Expert)
09 May 2012
Dear Mr. Anish,
The deduction will be allowed to you and your wife as well.
To Claim the benefit, you will have to ensure that-
- the Property is acquired jointly by both of you i.e you and your wife both should be owner of your respective shares.
- the Home loan must be taken jointly by both of you.
Since, you and your wife are assessed differently and are allowed to claim the deduction from the income arising from your respective share.
The deduction will be allowed to you and your wife as well.
To Claim the benefit, you will have to ensure that-
- the Property is acquired jointly by both of you i.e you and your wife both should be owner of your respective shares.
- the Home loan must be taken jointly by both of you.
Since, you and your wife are assessed differently and are allowed to claim the deduction from the income arising from your respective share.
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
- EPF ECR NEW FILE SEP 17TH 2026
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- GST on Renting godown to KFCSC for Storage of Raagi
- TAX AUDIT ON PROFESSIONAL INCOME
- TDS on Fixed Assets purchased
- Capitalgain tax purposes for valuation report compulsory
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- 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
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
