Interest on housing loan
This query is : Resolved
Sushant Singh
(Querist)
17 November 2009
If both husband & his spouse are joint owners of a house constructed by availing the house loan separately .
Are both individually/separately entitled for deduction of the maximum interst payable of Rs.150000 ?
Are both individually/separately entitled for deduction of the maximum interst payable of Rs.150000 ?
CA SANJAY MUKHERJEE
(Expert)
17 November 2009
Yes, both can claim interest upto 1,50,000 seperately in their return if both are co owner and borrower.
CA Ravi Sisodia
(Expert)
17 November 2009
how it is possiable ??
CA SANJAY MUKHERJEE
(Expert)
18 November 2009
Dear Ravi,
Husband and wife,both can be registered owner of a single house property - flat or house.
Both can be co applicant and co borrower of house building loan - you can contact any bank who will vouch for this.
Moreover if both are owner and husband takes a loan from a institution against mortgage and wife can take loan from any other person without mortgage then also she will be eligible for claiming interest upto Rs. 1,50,000 in her individual capacity. For deduction of repayment of principal, loan must be taken from an approved financial institutions/bank but for getting deduction under section 24 on repayment of interest there is no such restriction. If your office co-operatives sanction and give you a loan for buying flat, interest on that loan also can be claimed. Please let me know your confusion or disagreement, if any.
Cheers
Sanjay
Husband and wife,both can be registered owner of a single house property - flat or house.
Both can be co applicant and co borrower of house building loan - you can contact any bank who will vouch for this.
Moreover if both are owner and husband takes a loan from a institution against mortgage and wife can take loan from any other person without mortgage then also she will be eligible for claiming interest upto Rs. 1,50,000 in her individual capacity. For deduction of repayment of principal, loan must be taken from an approved financial institutions/bank but for getting deduction under section 24 on repayment of interest there is no such restriction. If your office co-operatives sanction and give you a loan for buying flat, interest on that loan also can be claimed. Please let me know your confusion or disagreement, if any.
Cheers
Sanjay
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