Deduction U/S 24
This query is : Resolved
29 December 2009
Hi
a employee and his wife both has taken a housing loan of 22 lkhs in May 2009
Now the Interest for the year 2009-10 is coming abount 325000
is there is any provision in income tax act to Claim 150000 as deduction Us 24 by both husband and Wife Seprately.
as the property is owned Jointly and loan is also sanctioned on jointly name
Pls suggest me and also give the relevant section under which i can claim deduction
Thanks
a employee and his wife both has taken a housing loan of 22 lkhs in May 2009
Now the Interest for the year 2009-10 is coming abount 325000
is there is any provision in income tax act to Claim 150000 as deduction Us 24 by both husband and Wife Seprately.
as the property is owned Jointly and loan is also sanctioned on jointly name
Pls suggest me and also give the relevant section under which i can claim deduction
Thanks
29 December 2009
No,you can't take deduction u/s 24 for the amount not exceeding 1,50,000 if loan is taken after 1.4.1999 and if the loan is taken before 1.4.1999 the ded u/s 24 cannot exceed rs 30,000, but the maximum limit for deduction is Rs 1,50,000. so u can take the ded of Rs.1,50,000 if the property is self occupied and if the property is let out there is no limit of deduction
Other section is 80C limit up to Rs 100000 only
Other section is 80C limit up to Rs 100000 only
29 December 2009
no i am saying that we both will claim seprate deduction .....upto 150000 only
is it possible
as one of my friend is claiming that
is it possible
as one of my friend is claiming that
29 December 2009
The claim of deduction is depends from whose account the EMI has debited...bank will issue interest and principal repayment certificate to both indivial if amount has been debited from both the parties and the same can be caimed accordingly...
in nutcell it will be claimed by a person from whose account EMI is debited and bank has issued certificate.
in nutcell it will be claimed by a person from whose account EMI is debited and bank has issued certificate.
29 December 2009
then she won't be able to take any benefit.
In such a case of joint loan, kindly make seperate payments from the accounts of the husband and wife.
Then both can qualify for the Rs.150000 deduction as the deduction is qua-assessee an d not qua-loan.
In such a case of joint loan, kindly make seperate payments from the accounts of the husband and wife.
Then both can qualify for the Rs.150000 deduction as the deduction is qua-assessee an d not qua-loan.
30 December 2009
No it is not possible.you will only get the deduction of Rs 1,50,000 only.Rest take it from 80C but not exceeding 1lack
30 December 2009
Hiiii....
Maximum Deduction u/s 24(b) will be Rs. 1,50,000 because this deduction is not available to Person but available to the PROPERTY, and becuase there is only one Property therefore Deduction will be maximum of Rs. 1,50,000 only.
*****************
Following is given in Income Tax Rules,1961, Please go through:
Property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed, the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees
******************
After Computing Income From House Property, the same Income will be distributed in the that Proportion/Ratio ,which according to Property Papers, Owned by Husband & Wife, and that same amount will be taxable in their INCOME FROM HOUSE PROPERTY, Separately.
However, Principal amount can be claim under section 80C.
Please NOTE INTEREST DEDUCTION is not available untill you do not get certificate from your Banker.
Regards!!!
Dinesh S. Adhikari
Maximum Deduction u/s 24(b) will be Rs. 1,50,000 because this deduction is not available to Person but available to the PROPERTY, and becuase there is only one Property therefore Deduction will be maximum of Rs. 1,50,000 only.
*****************
Following is given in Income Tax Rules,1961, Please go through:
Property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed, the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees
******************
After Computing Income From House Property, the same Income will be distributed in the that Proportion/Ratio ,which according to Property Papers, Owned by Husband & Wife, and that same amount will be taxable in their INCOME FROM HOUSE PROPERTY, Separately.
However, Principal amount can be claim under section 80C.
Please NOTE INTEREST DEDUCTION is not available untill you do not get certificate from your Banker.
Regards!!!
Dinesh S. Adhikari
30 December 2009
Hiiii....
Maximum Deduction u/s 24(b) will be Rs. 1,50,000 because this deduction is not available to Person but available to the PROPERTY, and becuase there is only one Property therefore Deduction will be maximum of Rs. 1,50,000 only.
*****************
Following is given in Income Tax Rules,1961, Please go through:
Property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed, the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees
******************
After Computing Income From House Property, the same Income will be distributed in the that Proportion/Ratio ,which according to Property Papers, Owned by Husband & Wife, and that same amount will be taxable in their INCOME FROM HOUSE PROPERTY, Separately.
However, Principal amount can be claim under section 80C.
Please NOTE INTEREST DEDUCTION is not available untill you do not get certificate from your Banker.
Regards!!!
Dinesh S. Adhikari
Maximum Deduction u/s 24(b) will be Rs. 1,50,000 because this deduction is not available to Person but available to the PROPERTY, and becuase there is only one Property therefore Deduction will be maximum of Rs. 1,50,000 only.
*****************
Following is given in Income Tax Rules,1961, Please go through:
Property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed, the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees
******************
After Computing Income From House Property, the same Income will be distributed in the that Proportion/Ratio ,which according to Property Papers, Owned by Husband & Wife, and that same amount will be taxable in their INCOME FROM HOUSE PROPERTY, Separately.
However, Principal amount can be claim under section 80C.
Please NOTE INTEREST DEDUCTION is not available untill you do not get certificate from your Banker.
Regards!!!
Dinesh S. Adhikari
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