Interest on borrowed Capital

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VANDANA (Querist)
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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

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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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

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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