Housing loan benefit for i.tax return

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
28 February 2012 Dear Sir/Madam,

If the housing loan taken by husband and wife where primary name is husband. Then can both claim for income tax return interest eligible u/s-chapter 6a? The total interest deducted during 2011-12 is 3,34,500/- where as eligible amount of interest taken only 30000/- (Thirty Thousand only)for deduction? What is the reason?
Need suggestion asap

28 February 2012 1) To claim HL interest and principal repayment U/s 24 and 80C respectively, the house property and the loan should be in the names of both husband and wife. In your case, please very this.
2) Rs.30,000 eligible amount is applicable for loan taken before 1st of April,1999. If the loan is taken after this date, you can claim interest deduction upto Rs.1,50,000 each by husband and wife towards interest.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries