Housing loan interest query.

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This query is : Resolved

Dimple.Patel (Querist)

30 December 2011 hello to one n all

The Interest of housing loan is exempted to the extent of Rs. 150000.
My Questions are,

1)If the loan is taken jointly by 2 persons say 2 brothers,then will each brother get individual exemption of Rs. 150000 in their I.T returns??

2)If the loan is taken during the construction then will the exemption be allowed only after getting the possession or it will be exempted right from the year in which the loan is taken..?/

Hope I'll get the response soon.......

CA Navin Jain

CA Navin Jain (Expert)

30 December 2011 1. yes, each brother can claim the exemption of rs. 150000.

Suppose interest has been paid of rs. 250000 during the year and loan ratio is 50:50 then each bro can claim the deduction of rs. 125000.

2. you can claim the exemption after possession.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

30 December 2011 Further to what Naveen Jain has said, the interest paid during the construction period will be allowed in 5 equal instalments from the year of possession.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

30 December 2011 Agree with experts
want to add that If house is not self occupied than you can also claim total interest in any one ITR

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)

30 December 2011 pl check if the price of property is paid by both in equal ration, than only deduction is allowed

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

30 December 2011 Agree with Sanjeev

Dimple.Patel

Dimple.Patel (Querist)

02 January 2012 So Sanjeev Sir you mean to say that if the price is paid only through the Bank account of one person though they have taken the loan jointly,then also only one person can claim the deduction????

Thanks to all.........

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