Interest on home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2016 Mr.AB has 3 house properties:
House 1: co-owned with Mrs.BB.... The house is Let Out.... Interest on Loan Paid = Rs.2,75,000.

House 2: Co-owned with Mrs.BB... Self Occupied.... Interest on Loan Paid: Rs.3,10,00.

House 3: Co-owned with Mrs.BB.. Property under Cinstruction.... Interest paid Rs.75000

Please letc me know - How much deduction is Mr.AB eligible for.

Thanks...

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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24 April 2016 Assuming the co-owners share is 50% in each of the property Mr.AB is entitled to 50% of the Interest paid. It is also assumed that both the co-owners are co-borrowers.

In case 1 - Rs. 1,37,500
In case 2 - Rs. 1.00,000 (restricted to Rs.2,00,000)
In case 3 - Rs. 37,500 (u/s 80C - overall limit Rs.1,50,000 with other tax saving investments).

Mrs.BB will also be eligible for similar exemption.