Interest on housing loan
This query is : Resolved
Sripal Reddy
(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
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
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.
•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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
