Interest on housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2010
my client purchased a property of 1 crore in joint name with spouse. emi is alternatively paid by both of them.
Can interest benefit of the same under inceom from house proerty can be availed by both of them for income tax purposes?
What is the limit of maximum interest allowable for deduction to both of them?
Can interest benefit of the same under inceom from house proerty can be availed by both of them for income tax purposes?
What is the limit of maximum interest allowable for deduction to both of them?
18 December 2010
Interest Allowed to Both CoOwner Max 1.5 Lacs Each
18 December 2010
agreed with Ayush.
18 December 2010
Dear Anonymous,
Find your Answer
1-If Property is Self Occupied
Interest on Borrowed Capital is allowable to both Husband & Wife as per Percentage of the Ownership as 70:30 as case may be then dedcution will be in that Proporation and Rs. 150000/ whichever is lower
2-If Property is Letout
Interest on Borrowed Capital is allowable to both Husband & Wife as per Percentage of the Ownership as 70:30 as case may be then dedcution will be in that Proporation and Rs. 150000/ or whichever is Higher
Means in the Case of Letout Property you can claim actual Interest Accrued or Paid.
In Other Cases it become Rs. 150000/ Only.
Find your Answer
1-If Property is Self Occupied
Interest on Borrowed Capital is allowable to both Husband & Wife as per Percentage of the Ownership as 70:30 as case may be then dedcution will be in that Proporation and Rs. 150000/ whichever is lower
2-If Property is Letout
Interest on Borrowed Capital is allowable to both Husband & Wife as per Percentage of the Ownership as 70:30 as case may be then dedcution will be in that Proporation and Rs. 150000/ or whichever is Higher
Means in the Case of Letout Property you can claim actual Interest Accrued or Paid.
In Other Cases it become Rs. 150000/ Only.
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