Housing loan interest exemption limit

Page no : 2

PRIYA KUMARI RANJAN (Finance Officer) (34 Points)
Replied 08 August 2012

I and my husband have purchased a flat in joint ownership by taking a joint loan .but, the EMI is paid by me through my bank Account. We have no joint Account for this purpose. Are we both eligible to claim the deduction u/s 80C and 24(b)? If yes, in what proportion? If No, then can I alone claim the above deductions if the property and loan both are in joint names?

Janhvi Anant Gawde (Inter CA) (59 Points)
Replied 01 June 2013

Can we take home loan interest deduction for more than one home loan?

Raja (SME) (61 Points)
Replied 02 July 2013

1/ - I have taken a loan and paying Rs 156438/- towards interest on house loan.

For which I am getting rebate of 150000/- max limit, and before possession in June - 12, I have paid int on pre-emi of approx 98000/- which I can claim for next 5 yrs i.e. 98000/5 = 19600

So need to know what will be my rebate amt -

150000/- (Max Limit)

169600/- ( Max Limit + Bifurcation of 5 Yr pre-emi)

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2/ - Also need to know, in Govt, if someone gets accomodation but he/she doesn't want that and live outside on rent.

Will he be entitled for HRA / HRR. If yes, what amount he can claim. What is the minimum limit of HRA / HRR, I can claim.

As I am not living in the house for which I have taken house loan.

Also I have not Let Out that property.