Deduction U/s 24 for Intt on House Loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2011 There is one property in the name of me and my brother and we are paying equal Installment, Can some clear me that 150000 limit is for one property or per person.

Regards
CA Prakash Birla

s v rajesh

s v rajesh (Expert)
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27 March 2011 Hi Prakash,

As per U/s.24 for housing loan Interest repayment - Rs.150000 benefit will be per assesse.

Eg: if you and your brother are paying interest of more than 1.5lac you ca claim equal or % basis based upon taxable income.
Rs.300000 interest paid per assesse benefit is Rs.1.5Lac