Rebate of interest on housing loan
This query is : Resolved
02 March 2012
I have a query against a tax investment papers submitted by one of our employee. he has a housing loan against his self occupied property in which his wife is joint partner and the total payout for interest component for 11-12 is 240000/- they both are requesting rebate for 50% each i.e 120000 by husband & 120000 by wife separately. Is it correct to provide the rebate like this, as far we think the total rebate can’t be exceeds 150000 PA means both can claim a maximum of 75000 each for 150000 by single person in a year. Pls help.
02 March 2012
rebate allowed to both husband & wife and both can claim rs.120000 as rebate becase limit of 150000 is per person and not per house.
Guest
Guest
(Expert)
02 March 2012
The deduction is per person not per house. So 1,50,000 deduction available to each co-owner.
03 March 2012
Wife should necessarily have an Ownership in the house so as to have a claim for interest u/s 24(b) of the income tax Act,1961.
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
