on a joint home loan between husband and wife, both can claim the deduction on interest on house loan upto Rs. 150000 each. Want to know if the same is applicable on joint home between father and daughter. can they too claim upto Rs. 150000 each.
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Sec 24 [b] interest on housing loan
Replies (3)
yes..the deduction is per assessee....see if they fulfil other conditions or not..if they do, they both can claim max. 150000 deduction u/s 24(b)..
Regards
Just to add, along with the joint home loan, the parties also need to be the co-owners of the property in similar proportion to avail of the tax benefit.
Yes. If two or more assessees are co-owners of the property, both can claim deductions u/s 24(b) upto Rs. 150000 "each" provided all the conditions (loan on or after 1/4/99, const complete within 3 yrs of the end of the year in wich the loan is taken, necessary documents are submitted, loan is used for purchase or construction only).
Section 26 says that each co-owners can avail the benefit of deduction of Rs.150000
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