Interest on home loan
This query is : Resolved
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?
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)
Interest on loan:-- U/s 24a (max. 150K)
Principle Amount -- U/s 80C (Max. 1L)
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)
13 May 2014
No Sriram u can claim only upto the maximum limit as prescribed above for both cases.
13 May 2014
please note that interest is deductible under 24(b)...not under 24a.
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.
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)
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).
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. ?
13 May 2014
Yes from that Rs. 2L u can only claim Rs. 1.5L
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