Interest on house loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2013 i purchased a house with my wife i.e i am a co owner of house. we took a loan in joint name also. in the f.y. 2012-13 we paid interest on house loan is Rs. 236000. Can I claim a deduction u/s 24 of Rs. 150000 and can my wife claim deduction u/s 24 of Rs. 86000 in the F.Y.2012-13. My wife has separate source of income.
plz suggest the answer

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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01 March 2013 No both has to claim deduction u/s24(b) in equal proportion i.e 50% of total interest each i.e Rs.118000.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2013 but the maximum limit is Rs. 150000 how can one claim exceeding 150000

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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02 March 2013 Section 24(b) provides in case of joint loan then each joint holder of loan has exemption of interest on housing loan for self occupied property is upto Rs.150000. So in your case you and your wife are joint holders of the loan so both can claim upto Rs.150000 exemption u/s24(b) individually. As well as such section indicates in case of the joint loan the total interest on the housing loan shall be distributed amount the joint holders at the equal proportion. Thus in your case only two joint holders so each have 50% of interest eligible to claim exemption. So in your case total interest is Rs.236000 thus 50% of such is Rs.118000 for you and Rs.118000 for your wife. As well as under section 80C repayment of principle portion of housing loan also shall be calculated on the equal proportion basis.
So the section 24(b) prescribes the maximum limit for self occupied property is for individual assess but not for a loan.

OM SAI SRI SAI JAI JAI SAI

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