Home loan interest exemption

I am assuming that the house is not complete. So, there is no question of interest or principal deduction. No IT benefit can be claimed till the construction is complete.

Once the house is complete, you will get 24(b) [interest + 1/5th pre emi ] and 80C [principal] deduction according to your share in the house.(If you are coowner)

One of the prerequisites to charge income under the head "Income from House property" is "Assessee should be owner of the House property".He may be a Co-Owner/Owner.In your case he is Co-Partner for Loan but not Co-Owner for Home, so he can not claim interest paid on Home loan u/s 24(b).Furthur comments Invited

Sir, I have a query regarding Home loan interest deduction. I purchased a flat in surat, but I dont live in surat. I pay Rs 1, 90,000 as Interest yearly and Rs. 29,000 as principal yearly. My question is whether I can be considered Non self occupied. And to what limit I will be allowed to deduct home loan interest be it 1, 50,000 or 1, 90,000. Thank you in advance.