Interest on housing loan

This query is : Resolved

Sushant Singh (Querist)
Follow

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 ?

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
Follow

17 November 2009 Yes, both can claim interest upto 1,50,000 seperately in their return if both are co owner and borrower.

G.Ramesh

G.Ramesh (Expert)
Follow

17 November 2009 Agree with the above expert

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

17 November 2009 how it is possiable ??

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

jagadheswar goud

ANUPAMA L KANT

Krishnan V

jayaraman

vijai gupta

Subscribe Now

Interest on housing loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA