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Loss on house property- self occupied


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Benny Thadathil (CDM)     04 November 2011

Benny Thadathil
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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

 CA Sripal Jain

CA Sripal Jain (Associate Finance)     04 November 2011

CA Sripal Jain
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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

 CA Sripal Jain

CA Sripal Jain (Associate Finance)     04 November 2011

CA Sripal Jain
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ALSO ONE IS ELIGIBLE FOR HOUSING LOAN REPAYMENT UNDER SECTION 80 C REGARDING THE REPAYMENT OF LOAN

Benny Thadathil

Benny Thadathil (CDM)     04 November 2011

Benny Thadathil
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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.

 CA Sripal Jain

CA Sripal Jain (Associate Finance)     04 November 2011

CA Sripal Jain
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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..

 CA Sripal Jain

CA Sripal Jain (Associate Finance)     04 November 2011

CA Sripal Jain
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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

Surendra Agarwal

Surendra Agarwal (MANAGER FINANCE AND BUSINESS PLANNIN)     04 November 2011

Surendra Agarwal
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If share of all co-oweners are definate in house property as well as in loan than as per section 26 of income tax act all co oweners are eligible for relief under this act. . Regards CS CA(FINAL) surendra agarwal
Vikas

Vikas (Chartered Accountant)     05 November 2011

Vikas
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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.

Goyel P. Lotliker

Goyel P. Lotliker (Tax Consultants)     16 November 2011

Goyel P. Lotliker
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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?

Gajanana Pai

Gajanana Pai (CA Final Student)     16 November 2011

Gajanana Pai
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Yes U/s 26 of the I.T Act 1961,both are liable for claiming Interest on Self Occupied Property on Self Occupied .

 

Goyel P. Lotliker

Goyel P. Lotliker (Tax Consultants)     16 November 2011

Goyel P. Lotliker
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But out of 2,00,000/- how much will each get?

Hemanth Sai

Hemanth Sai (CA-FINAL,AUDIT TRAINEE)     16 November 2011

Hemanth Sai
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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.

Vikas

Vikas (Chartered Accountant)     17 November 2011

Vikas
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Both can claim interest deduction in their sharing ratio upto maximum of 150000/- each.

Hemanth Sai

Hemanth Sai (CA-FINAL,AUDIT TRAINEE)     17 November 2011

Hemanth Sai
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can they claim 1,50,000 each Vikas sir???

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