Rebate of interest on housing loan
This query is : Resolved
Manoj Kumar
(Querist)
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.
CA.rajni kalsariya
(Expert)
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.
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