Housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2012 Husband & wife purchased a house taking hosing loan from a bank. The property is in name of wife. both r working.
Both have take the loan 50 % each. Can each one can take benefit of housing loan for income tax ? if not who can take that benefit ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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21 December 2012 If the loan is on behalf of both the name then each one can take the benefit of housing long subject to their contribution to loan percentage in your case it 50% each can claim.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2012 If loan is taken now & possesion of house will be taken in next year what benefit can be taken in Incometax this year.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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22 December 2012 In such a situation interest can not be claimed before construction is completed.
It can be claimed as 1/5th in every year from the year of completion.
.
Repayment of loan amount can be claimed U/s 80C.
.