Interest claim on housing loan

Originally posted by : AMIT KUMAR RAY
	Mr. & Mrs. X purchased one flat of Rs. 1.00 Crores. Down payment of Rs. 20 lakh paid by them equally. Balance was finance by Bank as housing Loan. EMI are paid only by both of them equally. It is a self occupied property. Can both of them avail deduction on interest on housing loan ? If yes upto waht limit ?

Hi,

Deduction in respect of Interest on Housing Loan is available upto the limit of Rs.150000, If the Loan is taken for the construction of House Property & of Rs. 30000, if the loan is taken for repairing of House Property.

The above limit is available to the per Assessee & not per House Property, even if the Property is owned by more than one Co-owner.

The above limit is applicable to only  SOP & there is no limit for LOP.

Dear Sir.....

Acc. to me...

If Mr. and Mrs. X own equal amount of share in the property then they both can avail the Int. deduction on repayment of EMI (equally)......

Both of them can show it as Self Occupied Property and can claim Int on Housing loan deduction...

For Self occupied the maximum amount of deduction is Rs. 150000/- ...

both can claim Rs. 150000/- each......

The deduction amount will be Rs.30000/- only if the loan is borrowed on or before 01.04.99 or the house is not constructed within 3 years from the end of relevant previous year...

and  Dear Hitesh.... Is it 30000/- maximum for Repairs....i'm not sure please post the relevant section....

Acc. to me it is Rs.150000/- even it is for repairs.....

correct me if i'm wrong.....

you are right

i agree with balaji

both can claim deduction under sec24 and maximum limit is rs 150000

as balaji said both can claim deduction a deduction of Rs.150,000/- 

Both  can claim deduction ,as both are paying emi.the same is being conveyed by co-owner provisions also.

Yup..Balaji is correct........

As it seems like a case of co-ownership then u/s 26, I think only their portion of amount will be considered.

@ Balaji.....u/s 24(b), if the amount lent is for any other reason (reasons other than acquisition or construction or as re-finance of the principal amount outstanding under an earlier loan taken for such construction or acquisition), then the max. amount of deduction will be Rs. 30,000.00 only.