Hi
My husband and I have jointly taken a home loan. He pays 75 percent of the EMI. What will be our individual tax benefits? Total interest payble for the year will be 10 lkah. Can both of us are eligbile to ge the tax beenfit of 1.5 lakh
Hi
My husband and I have jointly taken a home loan. He pays 75 percent of the EMI. What will be our individual tax benefits? Total interest payble for the year will be 10 lkah. Can both of us are eligbile to ge the tax beenfit of 1.5 lakh
YES BOTH ARE ELIGIBLE FOR INTEREST OF 1.5 LAKH
AS PER SECTION 26 ,WHERE PROPERTY IS OCCUPIED BY CO OWNERS,THEN EACH OF THE CO OWNER IS ENTITLED TO DEDUCTION OF INTEREST OF RS 150000 OR 30000 AS IN THE CASE OF SELF OCCUPIED
ALSO ONE IS ELIGIBLE FOR HOUSING LOAN REPAYMENT UNDER SECTION 80 C REGARDING THE REPAYMENT OF LOAN
Thanks a lot!
However the FAQ in income tax web site says differently, whcih is confused me.
94. My spouse and I are joint owners of a house constructed by availing housing loan separately. Are we both individually/separately entitled for deduction of the maximum interest payable of Rs.1.5 lakh?
No. The net taxable income from the property must be calculated first and then apportioned between the co-owners. In this process of calculation maximum interest payable of Rs.1.5 lakh can be considered only once.
what is this ,im not able to understand the net taxable income wil be arrived after taking into account interest...wait for others opinion on this issue,as per act u cn avail it..
hey the income tax website speaks about LET OUT PROPERTY, and im speaking about self occupied property....therefore if your property is self occupied eacho of them are eligible
Agree with surendra. Share of co owner should be identyfiable and definite. Each co owner can claim deduction of interest of Rs. 150000 or 30000, if it is self occupied.
Ok, if the housing loan interest is 2,00,000/- than how will it be shared between Husband & Wife while computation of Income from Self occupied house Property?
Yes U/s 26 of the I.T Act 1961,both are liable for claiming Interest on Self Occupied Property on Self Occupied .
But out of 2,00,000/- how much will each get?
the deduction of Rs.1,50,000 interest will be availed by the co-owners as per thier ratio of share in the loan. amt.
Both can claim interest deduction in their sharing ratio upto maximum of 150000/- each.
can they claim 1,50,000 each Vikas sir???
yes, but in their ratio. suppose interest is 3 lacks and ratio is 50-50 then both can claim 150000 each. but if ratio is 75-25 then the one with 75 percent share can claim 150000/- and other with 25 percent share can claim 25*300000=75000.
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