Interest on borrowed Capital
This query is : Resolved
10 August 2009
House is taken in the name of wife and loan is repayable by husband . who will claim exemption . kindly refer section. kindly explain
10 August 2009
The wife will get it as husband does not have house owned. IF it is in joint ownership both can claim Int deduction of Rs 150'000*2= 300,000
10 August 2009
for claiming of interest paid on housing loan one should fulfill the following conditions:
1)should be the owner/coowner of the house
2)loan should be taken by him or as a co-borrower
3)the payment of loan should be from his income,
if the above conditions fulfilled then int. can be claimed up to 1.5 lacs u/s 24 and principal up to 1.00lacs u/s 80c
1)should be the owner/coowner of the house
2)loan should be taken by him or as a co-borrower
3)the payment of loan should be from his income,
if the above conditions fulfilled then int. can be claimed up to 1.5 lacs u/s 24 and principal up to 1.00lacs u/s 80c
10 August 2009
Also provisions of section 27(1) and 67(1)(iv) of the Income tax Act,1961 is to be looked into for a correct answer since question is silent regarding wife's occupation,who is the loanee etc.
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