Housing loan

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2013 If i am talking house loan in joint names then will i be getting amount of deduction of Sec.24, 80C and 80EE under each holder's name respectively.

or these are upper limits whether you go for the loan in Joint holder or in sole name. pLease clearify this.

Sanket

Sanket (Expert)
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17 September 2013 From a taxation point of view, a joint home loan is also beneficial as all co-borrowers can claim tax deductions under Section 24 of the Income Tax Act against interest repaid and under Section 80C against principal repaid.

Where two or more persons have taken a joint home loan, every assessee (person paying the income tax) can enjoy the tax benefits available under the Income-tax Act, 1961 in respect of the principal and interest paid during a financial year, on proportionate basis.

"The tax benefits that can be claimed would be in proportion of the share that the individuals have in the loan," says Shilpa Patankar, associate director, KPMG.

In case the property for which the loan has been obtained is self-occupied, then an amount up to Rs 1,50,000 is allowed for deduction on account of interest paid under Section 24. Under Section 80C, an individual can claim deduction up to Rs 1,00,000 on principal paid.

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2013 If 2 owners are there of property then they both can have deduction of 1.5 and 1 lac each and they can enjoy in separately or in adhoc basis it is available upto 1.5 n 1 lac irrespective of number of owners.

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