Interest on housing Loan

Hi hari2009,

Both the spouses can claim interest on loan upto Rs. 150,000 each in there return under the head house property income.

hi,

Both an claim 150000-150000 is it correct

Yupp!!

He can claim whole amount, only all instllment has to be paid from his account.

hi frends,

if the property is registered in the both names, then they both can claim interest exemption u/s 24(b) upto a max limit of rs. 150000/- each and cud also get deduction upto Rs. 1 Lakh on the payment of principal.

but if the property is registered in just one name, then only that person can claim the deduction and exemption even if the loan is taken in the name of more than 1 person.

plz revert..

bboth can claim deduction of rs 30000...

and rs 150000 if house is completed in 3 years after da end of financial year in wich loan is taken

Agree.....

hey both can claim exemption intt u/s 24 upto max of  150,000. u/s 26 If the property of is co-owned by two or more persons than each of the co-owner shallbe entitled to the deduction of 150,000 if the loan is tken up for pur/ construction  on or after 1-04-1999 and constructed with in 3yrs. from the end of the financial year in which loan was borrowed.