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House property loan interest deduction

pramod (article) (38 Points)

31 March 2011  

If a loan has been taken by two brothers for same house property construction than whether interest deduction will be allowed to both and whether 80c deduction for payment of installment will be allowed to both ?and what will be deduction allowed in both cases .


 11 Replies

CA ANUPAMA (CMA, CA ) (149 Points)
Replied 31 March 2011

Yes. Both the interest on borrowed capital and the Repayment of Housing Loan (80 C) should be shared by them in equal or as agreed upon.

Nakul Raibahadur (Article Student) (58 Points)
Replied 31 March 2011

Yes,   it can be cailmed by all the joint owners subject to individual ceiling limts ( 150,000 or full , as the case may be ) but there should not be excess claim in total.

lokesh maheshwari (partner) (62 Points)
Replied 01 April 2011

YES THEY CAN DIVIDE EQUALLY OR ANY OTHER MODE WHICH ARE DECIDED BY THEM.

Aravind.. (CA) (1262 Points)
Replied 01 April 2011

in this case , each individual can claim Rs.1,50,000 or Rs.75,000?

U S Sharma (glidor@gmail.com) (21031 Points)
Replied 01 April 2011

its 1.5 lacs each maximum limit 

pavan (Articled assistant) (42 Points)
Replied 01 April 2011

It can be claimed, but the property should get registered in both of your names,...both of you should be co-owners....

Pradeep Semwal (Manager A & F) (21 Points)
Replied 04 April 2011

Both can claim but the property should be in their joint name.

ABCDEF (Shivinder.Singh@gmail.com)   (21 Points)
Replied 05 April 2011

Hi There,

 

I have a question for the experts:

 

My Mom and I purchased a property which we are self-occupying. The interest component of EMI is 2,00,000. We both own 50% of the property in the registery papers.

 

Only I am paying the EMIs - Can both of us claim 150,000 seperately for tax break under housing interest payment?

 

Regards, 

Nakul Raibahadur (Article Student) (58 Points)
Replied 06 April 2011

Hey Shivender,

logically , if both of u claim 1.5 lakh each, wont it ( total intreat claimed as deduction) be 3.0 lakh and more than what u actually paid.    how can it be allowed ????   think over it.

u can claim upto ur max ceiling limit of 1.5 lakh, and let ur mom clim the rest.    do consider the factor of her own individual tax slabs.

the pricipal paid also should be considered under 80C in same proportion as intrest.

U S Sharma (glidor@gmail.com) (21031 Points)
Replied 06 April 2011

Originally posted by : ABCDEF

Hi There,

 

I have a question for the experts:

 

My Mom and I purchased a property which we are self-occupying. The interest component of EMI is 2,00,000. We both own 50% of the property in the registery papers.

 

Only I am paying the EMIs - Can both of us claim 150,000 seperately for tax break under housing interest payment?

 

Regards, 

these sections are available on actual payment basis, so u can claim max 1.5 lacs only 

reg 80C u can claim max 1 lac only 

 

if monther has paid any share then she can claim her share on payment basis subject to max celing of 1.5 lacs and 1 lacs.


(Guest)
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