Housing loan - tax benifit

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2012 Dear sir,

We are having two flats (Myself & my wife)

1.My wife is the sole owner of first flat - Loan availed from HDFC only on her name.

2.2nd Flat on our joint name - Loan availed Jointly.

We seek your expert opinion on.......

a) Can my wife claim IT benefit from both loans against Principal & Interest amount?

b) Can we both claim IT benefit partly from Joint Loan?

Your immediate reply will be highly appreciated.

Best regds,

@VaibhavJ

@VaibhavJ (Expert)

03 December 2012 Hi,

An individual can claim deduction for only one owned housing property..

a) Your wife can claim deduction for one property only..

b) Yes for Joint loan pro rata deduction is available.

Thanks//Vaibhav

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

03 December 2012 Under Co ownership Property, Separate Loan Interest Deduction u/s 24b Limit is Available i.e. 150000/- Per Co Owner.

Not Prorata.
Its Separatelly Available for Each Co Owner.

and Suppose Your Wife Put One Property on Rent Then She Can Claim Interest & Principle Both on Both Houses.

Regards,

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