Interest on Self occupied Property

Dear friend yeswanth,

The date for the purpose of deduction of interest for this purpose must be the date on which the money was first borrowed. This means that the construction in your case needed to be completed before 31.3.2007 to claim interest of upto Rs. 150000. Since the same has not happened interst claim should not exceed Rs. 30000.
 

Regards,

Chintan

Dear Yashwant,

Agree with Friend Chintan.......

Agree wtih CHINTANSHAH.....

The Loan was taken on 1.3.2004 therefore the date begins from 31.3.2004.............

31.3.2005 - 31.3.2006 - 31.3.2007.........

House purchase on 1.8.2007......beyond the period....

Therefore the  deduction is limited to only Rs.30000/-......- self occupied.....

But waiting for other views....

Thanks friends.....

If husband and wife are working and both are comming under the category of TAX PAYERS under Income tax act.  They had taken a housing loan which is self occupied , they are paying the premium jointly, 

Now my question is " Whether they both can avail the exemptions "

Kindly suggest

Dear friend Sunil,

If the house is owned in joint name and the loan is also in joint name than both husband and wife can claim deductions u/s 24(b) to the extent of Rs. 150000 if the house is self occupied subject to fulfilment of provisions of proviso to section24(b). The computation of Income from house property will be done seperatly as if there are two house property each one part owned seperatly by husband and wife.

Regards

Chintan

Agree with Mr. Chintan Shah.........

House Jointly owned and Loan taken in Joint name - Husband and Wife can claim Interest deduction in agreed Proportion........both can show HP loss (Self Occupied)....

House owned jointly, loan also taken jointly. But if re-payment is done by first holder only, what is the situation.

Only the First holder can claim or both can claim?

What is the creiteria to claim deduction u/s 24 & 80C under the Act.

The person who pays the Loan can only claim or as the loan & house is in joint names both should claim under the Act without taking into consideration as to who repays the same?

What if in one year only first holder repays and in the second year the second holder also contributes some x amount.