House property
This query is : Resolved
28 December 2012
sir,
if mr.a eligible to take RS150000 DEDUCTION OF INTEREST U/S24
HOUSE IS LET OUT FOR 3 MONTHS AND SELFOCCUPIED FOR 9 MONTHS
AND INTEREST P.M IS RS 20000 AND INTEREST OF PRE ACQUISITION PERIOD PER YEAR IS RS60000 (300000/5)
SIR PLEASE TELL HOW MUCH AMOUNT CAN MR.A CLAIM ???
if mr.a eligible to take RS150000 DEDUCTION OF INTEREST U/S24
HOUSE IS LET OUT FOR 3 MONTHS AND SELFOCCUPIED FOR 9 MONTHS
AND INTEREST P.M IS RS 20000 AND INTEREST OF PRE ACQUISITION PERIOD PER YEAR IS RS60000 (300000/5)
SIR PLEASE TELL HOW MUCH AMOUNT CAN MR.A CLAIM ???
28 December 2012
Hi,
Int for owned period:
Current: 60000 (20000 x 3)
Prior: 15000 (5000 x 3)
Total:75,000
Allowed full since less than 1.50 Lacs
Int for Let out:
Current: 1,80,000 (20000 x 9)
Prior: 45,000 (5000 x 9)
Total:2,25,000
Allowed full since no limits.
Thanks!!
Int for owned period:
Current: 60000 (20000 x 3)
Prior: 15000 (5000 x 3)
Total:75,000
Allowed full since less than 1.50 Lacs
Int for Let out:
Current: 1,80,000 (20000 x 9)
Prior: 45,000 (5000 x 9)
Total:2,25,000
Allowed full since no limits.
Thanks!!
28 December 2012
If the property is let out for part of the year and on rent for other part, then it will be regarded as let out for the full year (Sec 23 (3).
Therefore you can claim rs 20000*12 = 240000 and Rs 60000 of pre period.
Therefore you can claim rs 20000*12 = 240000 and Rs 60000 of pre period.
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28 December 2012
Agreed with expert.
Thanks for clarification.
Thanks for clarification.
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28 December 2012
sir if that house is co-owned by 3 person
and self occupied for whole year
and interest is RS1,50,000
SIR NOW PLEASE TELME
HOW MUCH DEDUCTION CAN EACH ASSESSEE AVAIL???
and self occupied for whole year
and interest is RS1,50,000
SIR NOW PLEASE TELME
HOW MUCH DEDUCTION CAN EACH ASSESSEE AVAIL???
28 December 2012
If the HP is co owned and the share is defined in the agreement then all the co owners can claim 150000 each.
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28 December 2012
Hi,
But i have doubt, how can be more than 1 loan will be granted on single HP.
Thanks!!
But i have doubt, how can be more than 1 loan will be granted on single HP.
Thanks!!
28 December 2012
Vaibhav the loan will be in the joint name and all the co owner has to pay EMI.
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28 December 2012
SIR IF IN CO OWNED HOUSE
TOTAL AMOUNT OF PRINCIPLE AMOUNT PAID IS RS 80000
CAN EACH CO OWNER AVAIL DEDUCTION OF RS 80000 U/S 80C LIKE HOUSE PROPERTY????
TOTAL AMOUNT OF PRINCIPLE AMOUNT PAID IS RS 80000
CAN EACH CO OWNER AVAIL DEDUCTION OF RS 80000 U/S 80C LIKE HOUSE PROPERTY????
28 December 2012
No,
Even in HP also total interest paid will be shared among co - owners.
Thanks!!
Even in HP also total interest paid will be shared among co - owners.
Thanks!!
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28 December 2012
if the total repayment of the loan is rs 80000/- only then how can each co owner can claim rs 80000/- each. the deduction cannot exceed the amount paid.
Rs 80000/- u/s 80c will be allowed to co owner in their respective share.
Rs 80000/- u/s 80c will be allowed to co owner in their respective share.
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28 December 2012
SIR MR. VAIBHAV SAID INTEREST PAID IS ALSO SHARED AMONG CO OWNER IN THEIR RESPECTIVE SHARE BUT AS PER SECTION 26 EACH CO OWNER SHALL BE ENTITLED TO DEDUCTION OF 30000/150000 AS THE CASE MAY BE..
SIR PLEASE CLARIFY??(IF TOTAL INTEREST IS RS 150000)
SIR PLEASE CLARIFY??(IF TOTAL INTEREST IS RS 150000)
29 December 2012
The deduction is subject to total actual payment of interest.
for example :- Share of co owner 20:30:50 and interest payment is Rs 400000/-
then each co owner will be allowed rs 80000, 120000, 150000 (share comes to rs 200000 but max can get rs 150000)respectively.
for example :- Share of co owner 20:30:50 and interest payment is Rs 400000/-
then each co owner will be allowed rs 80000, 120000, 150000 (share comes to rs 200000 but max can get rs 150000)respectively.
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