Exemption on interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 Sir,

I have a housing loan with my wife as co borrower.
We purchased the house in 2012.

Total interest paid in FY 13-14 was 2.32 Lacs.

Can both of us claim interest of 1.5 lacs under Income tax return.

The house is self occupied by my wife in Surat where as i stay in a rented accomodation in Mumbai.

Pl confirm.

Regards,

CA Rinkal

CA Rinkal (Expert)
Follow

23 June 2014 yes

both can claim benefit of payment of interest subject to share in the property.

but mindwell, husband can not get the benefit of HRA, as it is taxable in the hands of Husband.

also husband can not claim expense of rent u/s. 80GG

CA Rinkal

CA Rinkal (Expert)
Follow

23 June 2014 yes

(if both name mention in the registered deed)

both can claim benefit of payment of interest subject to share in the property.

but mindwell, husband can not get the benefit of HRA, as it is taxable in the hands of Husband.

also husband can not claim expense of rent u/s. 80GG

Upgrade to CAclubindia Pro. Subscribe Now!

CA Rinkal

CA Rinkal (Expert)
Follow