If there is a single property held in joint name of husband and wife(Let us name them A&B). They have taken a home loan on the same for which the interest itself comes to above 3 lacs during 2008-09.
Can both of them claim Home Loan Interest benefit of 1.5 lacs each(Under Loss from House Property) if :
1. A, the husband, has paid all the instalments of the loan.
2. A & B both have equally contributed towards the instalments.
25 July 2009
The maximum interest can be claimed from a single property is Rs.1.50 Lacs. If A the husaband has paid all the installments of the loan, A can claim the deduction of Rs.1.50 Lacs. If A & B both have equally contributed towards the instalments, either A or B can claim max of Rs.1.50 Lacs only. Both cannot claim 1.50 each. ( If you are a deductor and if the property held in joint name, you should take a undertaking from the holder that only one person claims the deduction)
01 August 2009
Hi Sanjay, You can refer Income tax rules- Income from House property. Section 24(b).
In a single house, both cannot claim as self occupied.
If you have 2 floors, then 1 floor can be shown as Self Occupied by A and the second floor can be shown as letout property by B and can claim the deduction under income from house property.
CAclubindia
