Interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2014 Hi All ,

Please help , If Husband paying EMI of Housing Loan and Loan is taken jointly and Interest on Housing loan is more than 400,000/- .

My Question is can both the husband ans wife take advantage of int. on borrowing loan under Income from house property (I.e. 150000 each )?

Rupesh Jain

Rupesh Jain (Expert)
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17 December 2014 intt and principal deduction will claim by the person who make payment to bank.

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2014 Thanx Rupesh ,

But Both the Husband & Wife is earning ,(EMI)payment going from husbands bank account ,Loan taken jointly to take more loan from bank . but the seen is they paying interest more than 500000/- in a year EMI around 90K per month. can they take interest 2 lakh each under the house property ?

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Rupesh Jain

Rupesh Jain (Expert)
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17 December 2014 r/sir
for deduction for payment not for the owner ship.,
for example if you have the house his name and some one pay the installment then you and some one both/ separately not claim the deduction till you not prove that after ownership you pay the amount.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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17 December 2014 Yes both Husband and wife can claim Deduction under section 23(b).

Who make a payment for repayment loan does not make any difference.