House Property

Dear All

If Any one Purchases Flat in Joint name of  Husband & wife  & taken a houseing loan, Whether Both Can Claim For Interest on Houseing Loan Upto Rs.1.50L Each?

 

Replies (8)

Mr.Goutham

It is not accepted by the IT department.

Best Wishes

Sathikonda

Dear Sir ,

Can you tell me the reason

see this link for your query...

 

www.caclubindia.com/forum/message_display.asp

If the Flat is self occuiped then both of you (i e, co-owners) can claim equally or at the agreed ratio upto Rs.1,50,000/- u/s 24b

In other case both the co owners can claim without limit  equally or in agreed ratio.

ya , both can claim dedn upto 1.5 lakh each

 If the house is got registered and co-owner - both will get benefit of 1.5L each on deduction of Interest.  Same time, Rebate on deduction of Rs. 20000 or actual payout which ever is less also available for both of them.

DEAR ALL,

LOT OF THANKS for u r replay,Another:-

If Interest Cant claim above Rs.1.5 Lacs Between both of them, Whether Principal Repayment Of Hsg.Loan Can be Deducted from Taxable Income?

 

if there is a co onower that mins the amt invested ratio is considered and they clame owne share lone interest

one more thing if husband invest whole money and he enter his wife as a co onower so only husband clame the interest

ex

iif interest is 2,00,000 and invest ment ratio is 50-50 so tretment is

  1. if wife invest pin money then both clame 1,00,000 each
  2. if hasband invest whole money but write his's wife as a co-onower then deduction is only 1,50,000

 

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