Housing loan interest

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ravi verma (Querist)
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24 March 2009 Dear members
I want to what is the limit of claiming interest on loan paid on loan taken for construction of home u/s 24(b)??
also tell me suppose husband and wife take home loan 50%-50% on their own name and pay interest on loan rs.250000/- and limit for claiming repayment of inetest on loan 150000/-then in this case both husband and wife can take 125000-125000 claim for this repayment or out of 250000/-, 150000/-will be taken as 75000-75000 each??

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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24 March 2009 Both can claim the benefit upto Rs. 150,000 separately.

So if the interest is charged on your loan amount is 250000, both can claim 125000 each.

Please note interest is allowed on accrual basis not on payment basis. if you have not made any payment even then you can get benefit u/s 24(b).

C A GROUP COACHING

C A GROUP COACHING (Expert)
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25 March 2009 BOTH CAN INDIVIDUALLY CLAIM 1.50LAKHS EACH AGST INTEREST ON HOUSING LOAN

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