House property interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2011
My spouse and I are joint owners of a house constructed by availing housing loan separately. Are we both individually/separately entitled for deduction of the maximum interest payable of Rs.1.5 lakh?
28 May 2011
A person may claim deduction from income (under the head “house property”) for interest payable in India on housing loan, if such loan is taken for acquiring, constructing, reconstructing, repairing or renovating a property.
In your case, asuming both are repaying the housing loan then Yes, both will get the deduction of interst payment on housing loan up to 1.5 lakhs.
A person may claim deduction from income (under the head “house property”) for interest payable in India on housing loan, if such loan is taken for acquiring, constructing, reconstructing, repairing or renovating a property.
In your case, asuming both are repaying the housing loan then Yes, both will get the deduction of interst payment on housing loan up to 1.5 lakhs.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2011
means 1.5 lacs claiming exemption by each person (total deduction Rs. 3 lacs ?)
29 May 2011
DEDUCTION IS ALLOWABLE FOR INTEREST PAYABLE
OR 150000 WHICHEVER IS LESS
OR 150000 WHICHEVER IS LESS
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