Housing loan interest
This query is : Resolved
24 March 2009
Dear members
I want to what is the limit of claiming interest on loan paid on loan taken for construction of home u/s 24(b)??
also tell me suppose husband and wife take home loan 50%-50% on their own name and pay interest on loan rs.250000/- and limit for claiming repayment of inetest on loan 150000/-then in this case both husband and wife can take 125000-125000 claim for this repayment or out of 250000/-, 150000/-will be taken as 75000-75000 each??
I want to what is the limit of claiming interest on loan paid on loan taken for construction of home u/s 24(b)??
also tell me suppose husband and wife take home loan 50%-50% on their own name and pay interest on loan rs.250000/- and limit for claiming repayment of inetest on loan 150000/-then in this case both husband and wife can take 125000-125000 claim for this repayment or out of 250000/-, 150000/-will be taken as 75000-75000 each??
24 March 2009
Both can claim the benefit upto Rs. 150,000 separately.
So if the interest is charged on your loan amount is 250000, both can claim 125000 each.
Please note interest is allowed on accrual basis not on payment basis. if you have not made any payment even then you can get benefit u/s 24(b).
So if the interest is charged on your loan amount is 250000, both can claim 125000 each.
Please note interest is allowed on accrual basis not on payment basis. if you have not made any payment even then you can get benefit u/s 24(b).
25 March 2009
BOTH CAN INDIVIDUALLY CLAIM 1.50LAKHS EACH AGST INTEREST ON HOUSING LOAN
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Copyright software
- Regarding TDS Applicability For Director Remuneration
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
