Hi friends
a couple(earning member and non earning member) has taken a home loan(self occupied property/let out property) as co borrowers and they are also the co owners,repaying the interest and principal amount. If the couple legally enter into a contract that, the earning member to bare the entire burden of home loan. Can the earning member claim the interest upto rs.300000 against the limit of rs.150000.? for his payment towards interest.
Kindly resolve this
The maximum limit of interest which can be claimed would be Rs. 1.5 lacs in case of self occupied property.
no he can nt get exemption more than 150000
but if its LOP than exemption is not limited to 150000, its unlimited...
the non earning member can claim it as loss from house property AND CARRY FORWARD THE SAME IN NEXT YEARS AND SET OFF THE SAME IN THE YEAR IN WHICH HE/SHE EARN'S INCOME.... (LIMIT IS RS. 150000/-)
CAclubindia
