housing loan interest

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ALPESH KUMAR (Querist)
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28 January 2010 Dear sir,

In case of housing loan taken in a joint name, limit of Rs. 150000/- toward interest u/s.24 will be applicable jointly to both or both will be eligible for deduction of Rs. 150000/- seperately???

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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28 January 2010 Int paid @ 150000/- can be claimed separately U/S 24 by both , if the property is registered under joint name, loan is in joint name & EMI also paid jointly .

CA Prashant Gupta

CA Prashant Gupta (Expert)
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28 January 2010 both can claim.

CA PRIKSHIT GUPTA

CA PRIKSHIT GUPTA (Expert)
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28 January 2010 all the joint holders can claim deduction of Rs. 150000/- separately.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 January 2010 both the joint owners can claim

CA.Pujah

CA.Pujah (Expert)
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29 January 2010 It's the beauty of this section. Rs.1.5Lacs deduction can be claimed by each of the joint owners subject to the fact that property & loan are in joint name & EMI is also paid jointly

Padmaja CA

Padmaja CA (Expert)
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29 January 2010 agree with experts i think it is a loop hole in I.Tax act it may change later in retrospctive effect

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