Housing loan interest benefit under income tax
This query is : Resolved
20 December 2012
Dear All,
Kindly help me on tax benefit under Income Tax.
I have prurchased a flat which is self occupied. Me & my wife is taken a joint loan. The EMI is also dedcuted from both on a proprtinate basis. My query is.
Can we both claim interest benefit of Rs 1.5Lac each.
Kindly resolve the issue ASAP.
Regards,
Zameer Ansari
Kindly help me on tax benefit under Income Tax.
I have prurchased a flat which is self occupied. Me & my wife is taken a joint loan. The EMI is also dedcuted from both on a proprtinate basis. My query is.
Can we both claim interest benefit of Rs 1.5Lac each.
Kindly resolve the issue ASAP.
Regards,
Zameer Ansari
20 December 2012
Reff : V.K. Singhania...
20 December 2012
Dear mohit I do not agree with your reply. Because when two assessees take loan jointly, who file their diffrent returns then they both are given a deduction of 150000 each. Means it is very clear and their is no reason for disallowing the exemption.
Message likes :
1 times
20 December 2012
Dear mohit I do not agree with your reply. Because when two assessees take loan jointly, who file their diffrent returns then they both are given a deduction of 150000 each. Means it is very clear and their is no reason for disallowing the exemption.
20 December 2012
Dear Mohit & Pankaj,
Thanks for your reply. I have read on rediff web site which says the below.
For instance, let us say the principal and interest repayment on your home loan for a given year is Rs 2.4 lakh (Rs 240,000) and Rs 3.5 lakh (Rs 350,000) respectively.
Now, under Section 80C, you can get a maximum tax deduction of Rs 1 lakh on principal repaid and under Section 24 you can get a tax break of up to Rs 1.5 lakh on interest repaid.
However, if you and your spouse have opted for a joint home loan, you would collectively be able to claim a deduction of Rs 2 lakh (Rs 200,000) and Rs 3 lakh (Rs 300,000) on the principal and interest repaid.
Kindly let me know
Thanks for your reply. I have read on rediff web site which says the below.
For instance, let us say the principal and interest repayment on your home loan for a given year is Rs 2.4 lakh (Rs 240,000) and Rs 3.5 lakh (Rs 350,000) respectively.
Now, under Section 80C, you can get a maximum tax deduction of Rs 1 lakh on principal repaid and under Section 24 you can get a tax break of up to Rs 1.5 lakh on interest repaid.
However, if you and your spouse have opted for a joint home loan, you would collectively be able to claim a deduction of Rs 2 lakh (Rs 200,000) and Rs 3 lakh (Rs 300,000) on the principal and interest repaid.
Kindly let me know
Message likes :
1 times
20 December 2012
The Act is not clear on this and the group is bound to divide on this issue. The point to be argued in favour of Pankaj is that the income from house property is "PROPERTY" based. So deduction has also to be on the same lines. The points favourable to department is why joint loan is taken... take 2 loans separately. Your views please.
20 December 2012
reff of such Illustration..
20 December 2012
PFB link for your reference.
https://business.rediff.com/report/2010/apr/06/perfin-how-a-joint-home-loan-saves-you-more-tax.htm
https://business.rediff.com/report/2010/apr/06/perfin-how-a-joint-home-loan-saves-you-more-tax.htm
20 December 2012
Dear Mr. Chakrapani Warrier,
Kindly guide me on this case.
Thaks in advance.
Kindly guide me on this case.
Thaks in advance.
20 December 2012
Dear zameer whatever you have read on rediff is absoutely correct. Also in particle life same things apply. I had seen many people claiming deduction in the same way. And also the AO allows it. So go for it.
Message likes :
1 times
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- Change Of Karta In Case of Death
- TDS on purchase of under construction property from a reseller
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
