Treatment of interest on house building loan
This query is : Resolved
14 January 2014
A & B are husband and house wife respectively. They have taken housebuilding loan jointly for purchasing house property as co- owner.A will be repaying the loan entirely since B is a house wife having no taxable income.Whether entire tax benefit is availble to A or to the extent of 50% being co-owner of the property/co-borrower of the loan?
15 January 2014
Tax benefits are available in respect of repayment of principal amount of loan u/s 80C and payment of interest u/s 24 upto Rs. 1,50,000/-. Since wife and husband are co-owners and co-applicants of loan, these benefits are available to both of them in ratio of their ownership. But since A pays the entire loan and wife has no source of income tax benefits can be availed of by the husband.
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