Interest on home loan

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Sriram (Querist)

13 May 2014 Mr.Arun have taken home loan.. Aruns's wife alos is co - applicant for the loan.. House property is in the name of Arun only.. Please explain how can claim interest and principal repayment both Arun and Arun's wife hand?

Sandeep Dharar

Sandeep Dharar (Expert)

13 May 2014 If the Property is in the name of only a single owner then both the co owners can't take the benefit of deduction. in ur case Only Arun Kumar is eligible for deduction:-

Interest on loan:-- U/s 24a (max. 150K)
Principle Amount -- U/s 80C (Max. 1L)

Sriram

Sriram (Querist)

13 May 2014 ok sir but one doubt can we claim full interest & Princiapl repayment in arun's hand or 50 % ? (Because wife is co-applicant in the loan)

Sandeep Dharar

Sandeep Dharar (Expert)

13 May 2014 No Sriram u can claim only upto the maximum limit as prescribed above for both cases.

Nikhil Kaushik

Nikhil Kaushik (Expert)

13 May 2014 please note that interest is deductible under 24(b)...not under 24a.

Sandeep Dharar

Sandeep Dharar (Expert)

13 May 2014 Dear users agree with Nikhil's view. Due to technical default in my keyboard the letters r mistakenly typed. Standard dedn. @30% is allowed u/s 24a. N int. on loan u/s 24b.

Sriram

Sriram (Querist)

13 May 2014 No sir.. I am not asked about maximum limit.. suppose if Interest on loan is Rs.400000 then arun eligible to Claim 4Lakh interest or 50% of the Interest i.e Rs.200000 (because wife also co-applicant for the loan)

Sandeep Dharar

Sandeep Dharar (Expert)

13 May 2014 Are baba that is explained above. U can claim only upto Rs. 150000/- this is the maximum amount u can claim from Rs4L. And same is the case with 80C. The maximum limit is Rs. 1L. U can't claim greater than that(i.e, maximum limit).

Sriram

Sriram (Querist)

13 May 2014 sir how can we claim 4lakh Rs. as interest because 50% interest portion is in wife's hand know then we take only Rs.200000. ?

Sandeep Dharar

Sandeep Dharar (Expert)

13 May 2014 Yes from that Rs. 2L u can only claim Rs. 1.5L

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