The Interest of housing loan is exempted to the extent of Rs. 150000. My Questions are,
1)If the loan is taken jointly by 2 persons say 2 brothers,then will each brother get individual exemption of Rs. 150000 in their I.T returns??
2)If the loan is taken during the construction then will the exemption be allowed only after getting the possession or it will be exempted right from the year in which the loan is taken..?/
30 December 2011
Further to what Naveen Jain has said, the interest paid during the construction period will be allowed in 5 equal instalments from the year of possession.
02 January 2012
So Sanjeev Sir you mean to say that if the price is paid only through the Bank account of one person though they have taken the loan jointly,then also only one person can claim the deduction????
CAclubindia
