Housing loan tax benefit
This query is : Resolved
kiran thacker
(Querist)
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..?
25 September 2014
if both are borrowers then both shall be allowed under respective itr.
Nikhil Kaushik
(Expert)
25 September 2014
max Rs 1.5 lakhs each under 80C and Rs 2 lakhs each under 24b
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
(Expert)
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
30 September 2014
Agrred but kiran have specifically asked for AY 14-15
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