Interest on housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2013
Hi,
Me and my husband has purchased house property in Indore.We have taken housing loan in joint ownership. While we are staying in Delhi house purchased is given on rent. Just need to confirm below points
1 Whether limit of Rs.150000 of interest is applicable to us?
2) If there is no limit we both can take interest exemption in our returns on the basis of amount actually paid.
3) Whether rental income on the house has to be shown by both of us in proportion of the ownership.
4) whether we can take HRA benefit as we are staying in rental house n delhi.
Me and my husband has purchased house property in Indore.We have taken housing loan in joint ownership. While we are staying in Delhi house purchased is given on rent. Just need to confirm below points
1 Whether limit of Rs.150000 of interest is applicable to us?
2) If there is no limit we both can take interest exemption in our returns on the basis of amount actually paid.
3) Whether rental income on the house has to be shown by both of us in proportion of the ownership.
4) whether we can take HRA benefit as we are staying in rental house n delhi.
14 April 2013
1. as the property is let out, the interest limit of Rs.1,50,000/- is not applicable
2. Both can take the exemption but the total shall not be more than the accrues interest.
3. rental income can be shown by both or by even to a single person for whom taxable income arises
4.you can also take hra benefit.
2. Both can take the exemption but the total shall not be more than the accrues interest.
3. rental income can be shown by both or by even to a single person for whom taxable income arises
4.you can also take hra benefit.
15 April 2013
i agree with all except the point 3 . in my view since the property is jointly owned, legally speaking, the income therefrom is to be shared between the two co-owners.
28 May 2013
Expert no 1 is partially correct and expert no 2 is correct on point no.3. I agree with them. The limit of 1.50 is for each individual.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
