Housing Loan Deduction in case of joint holder

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CA Abhishek Jain (Querist)

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

pushpendra

pushpendra (Expert)

15 September 2008 Yes sir, they can.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)

15 September 2008 The limit of each joint holder is Rs. 150000

CA MOHIT VAATS

CA MOHIT VAATS (Expert)

15 September 2008 Agreed with ramesh kumar

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

15 September 2008 Only if conditions of section 26 are fulfilled.

CA Abhishek Jain

CA Abhishek Jain (Querist)

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

Yatesh Prakash Renuke

Yatesh Prakash Renuke (Expert)

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

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)

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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