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House loans claims

Darshan Vandra (Senior Accountant) (64 Points)

22 August 2019

if assesse hold property by single owner , he taken a house loan from bank for construction house, the construction complete within one year. but the loan sanction on his wife name & credited to her account.

the query is that how claim this int. on hsg loan ? , can he claim u/s 24 & 80c ?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160886 Points)
Replied 22 August 2019

Whether he is joint applicant in the loan?

Darshan Vandra (Senior Accountant) (64 Points)
Replied 22 August 2019

yes , he is joint applicant in the house loan sanction letter.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160886 Points)
Replied 22 August 2019

Yes, he can claim home loan interest deduction u/s. 24(b), and principal deduction u/s. 80C of IT act; subject to prescribed limits. Advisable to get EMI payment receipt from banker in his name.

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Darshan Vandra (Senior Accountant) (64 Points)
Replied 22 August 2019

thank you so much 😊

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Shivam RC (Student) (23683 Points)
Replied 22 August 2019

Claim Interest portion upto Rs. 2,00,000 ( if self occupied ) u/s 24(b) of the Income Tax Act 1961 and Claim Deduction u/s 80C of the Income Tax Act 1961 for repayment of Principal and Stamp Duty amount.

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