dear friends, pls let me know , a person has taken loan in joint name with his wife for his house . the house is in the name of the person . he is paying the installment of loan alongwith interest from his account. can he claim entire interst under section24(b) from his income i nspite of the fact that loan is in their joint name. pls specify any circular in this respect if any
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deduction u/s 24(b) for interest on loan very urgent
Replies (17)
yes u can claim.
Dear Friend........
Since he is the owner of the property and loan payment also made from his account.......
I think he can claim entire interest repayment.........
i hav also same opinion but i need any case law, circulars etc in support of this. thanx
You can claim full amount as your are paying installment from your account
YES U CAN CLAIM FULL AMOUNT OF DEDUCTION AS THE DEFINITION OF FAMILY INCLUDE SPOUSE AND CHILDERN WHO IS DEPENDENT ON INDIVIDULE ASSESSEE THEIRFORE U CAN CLAIM DEDUCTION U/S 24
What circular u need yer.. He is paying Interest and principal of loan from his earnings....... So the basic fact itself serves the requirement of the section..... he is absolutely eligible to claim....... Cheeeeeeeeers.........
Yes Mr.Vijay
There is no doubt in claiming the deduction
Under sec 24(b) of IT act.person owning the house fully or jointly he is eligible for claim.
in your case he owns the house jointly with his wife so he is eligible u/s 24(b)
See Vijay,
Everything is not needed to be clarified with circulars or explanations, we had to interpret the law and in this case section 24(b) is very clear. So dont worry and u can surely claim the deduction of interest under section 24(b) and deduction of EMI under section 80C.
Regards
Rajat
All our friends are correct.....U can claim interest.....No problem
Yes everybody is right...moreover if you see.....50% deduction which is available to wife is also not used by the wife. If wife takes her 50% deduction then only restriction will come upto 50% for husband.
For more clarification if you have taken any loan jointly with minor then minor cannt pay the installment as there will be no income in his case.....then also full deduction will be available to you although property is jointly taken.
Yes deduction will be apprpriate according to their ownership but minor can't be taken into account...if for eg 3 persons Say X,Mrs.X,A (Minor Son oF X) owns a house.
here, the deduction will appropriate only to x and his wife irrespective of 3 joint owners
thanx friends
What is the exact creiteria to claim deductions u/s 24 (b) & 80C?
Is the condition important that as to who re-pays the Housing Loan?
What if the loan is jointly in 2 names and in a F.Y only first holder repays the same, but in the next F.Y both contributes equally and in subsequent F.Y only Second holder re-pays the same.
What is the exact creiteria to claim the benefits?
What is the exact creiteria to claim deductions u/s 24 (b) & 80C?
Is the condition important that as to who re-pays the Housing Loan?
What if the loan is jointly in 2 names and in a F.Y only first holder repays the same, but in the next F.Y both contributes equally and in subsequent F.Y only Second holder re-pays the same.
What is the exact creiteria to claim the benefits?
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