housing loan interest
This query is : Resolved
ALPESH KUMAR
(Querist)
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???
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
(Expert)
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
(Expert)
28 January 2010
both can claim.
CA PRIKSHIT GUPTA
(Expert)
28 January 2010
all the joint holders can claim deduction of Rs. 150000/- separately.
CMA Ramesh Krishnan
(Expert)
28 January 2010
both the joint owners can claim
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
(Expert)
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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