banner_ad

Interest on housing loan

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 June 2015 Our housing loan taken from bank on my self and my spouse name.
Interest on Housing loan Rs.400,000/-

this interest can we take Rs.200,000/- in my ITR returns under Inst on housing loan column and can we take remaining inst Rs.200,000/- on my spouse ITR.

please advice

from
Sripal Reddy
Profile Image

CMA Ashutosh Kumar Gupta

Profile Image

CMA Ashutosh Kumar Gupta (Expert)
25 June 2015 •Tax benefits get divided among co-applicants in case of a joint loan
•The division takes place in the same proportion in which the asset is owned by each co-applicant
•Each co-applicant can claim a maximum tax rebate of up to Rs. 1.50 lakh (One Lakh up to AY 2014-15) for principal repayment and Rs. 2 lakh (1.50 Lakh up to AY 2014-15)) for interest payment.
•The very first condition is the house property has to be bought by the individuals jointly, and this should be in their joint names.
•The share of each holder should be clearly mentioned so that there is absolute clarity on the percentage ownership of each co-owner.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details