Housing loan tax benefit

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kiran thacker (Querist)
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25 September 2014 If Mr.x and Mrs. x had borrowed a housing loan of rs.1 crore jointly for construction of self occupied house.if in A.Y.2014-15 they paid Rs.400000/- as a principal amount and Rs.500000/- as a interest respectively 50 % from their accounts then what is the amount eligible for deduction u/s 24 and 80 C for both the persons..?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 September 2014 if both are borrowers then both shall be allowed under respective itr.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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25 September 2014 max Rs 1.5 lakhs each under 80C and Rs 2 lakhs each under 24b

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 September 2014 no, for sop int shall be max 1.5 lakhs for husband n 1.5 lakhs to wife will be allowed.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 September 2014 Yes for AY 2014-15 it shall be Rs 1.5 lakhs and Rs 2 lakhs from thereafter as per amendments under Finance Act 2014

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 September 2014 Agrred but kiran have specifically asked for AY 14-15

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