Housing Loan Deduction in case of joint holder
This query is : Resolved
15 September 2008
Can someone guide me about the housing loan interest deduction:
In case of joint holder of a house property, Can both holder are intilteled to claim deduction in proportionate basis or they can claim Rs. 150000 deduction on individual basis?
Thanks,
CA Abhishek Jain
In case of joint holder of a house property, Can both holder are intilteled to claim deduction in proportionate basis or they can claim Rs. 150000 deduction on individual basis?
Thanks,
CA Abhishek Jain
15 September 2008
Yes sir, they can.
15 September 2008
The limit of each joint holder is Rs. 150000
15 September 2008
Agreed with ramesh kumar
15 September 2008
Only if conditions of section 26 are fulfilled.
15 September 2008
Sir (Ramesh Kumar Ji)
In what proportion they will get the deduction whether in proportion of loan deed or there is no limit?
Waiting for reply...
Thanks,
CA Abhisek Jain
In what proportion they will get the deduction whether in proportion of loan deed or there is no limit?
Waiting for reply...
Thanks,
CA Abhisek Jain
15 September 2008
Dear Abhishek,
The deduction will get on the proportion of loan deed. or if there is no limit then the deduction will be 50% each.
Regards'
Yatesh renuke
The deduction will get on the proportion of loan deed. or if there is no limit then the deduction will be 50% each.
Regards'
Yatesh renuke
16 September 2008
The interest will be claimable in the ratio of their acknowledgement of the liability towards loan in their respective Statement of Affairs (Balance Sheet). Also, the repayment of loan should also be in the proportion their obligations for repayment which can only be ensured by booking the loan in the ratio as decided by parties. Also, the repayment and claim of deduction u/s 80C should be in the same ratio.
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