Interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2010 my client purchased a property of 1 crore in joint name with spouse. emi is alternatively paid by both of them.

Can interest benefit of the same under inceom from house proerty can be availed by both of them for income tax purposes?

What is the limit of maximum interest allowable for deduction to both of them?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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18 December 2010 Interest Allowed to Both CoOwner Max 1.5 Lacs Each

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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18 December 2010 agreed with Ayush.

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CA.RAJIV SHUKLA FCA

CA.RAJIV SHUKLA FCA (Expert)
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18 December 2010 Dear Anonymous,

Find your Answer

1-If Property is Self Occupied

Interest on Borrowed Capital is allowable to both Husband & Wife as per Percentage of the Ownership as 70:30 as case may be then dedcution will be in that Proporation and Rs. 150000/ whichever is lower

2-If Property is Letout
Interest on Borrowed Capital is allowable to both Husband & Wife as per Percentage of the Ownership as 70:30 as case may be then dedcution will be in that Proporation and Rs. 150000/ or whichever is Higher

Means in the Case of Letout Property you can claim actual Interest Accrued or Paid.

In Other Cases it become Rs. 150000/ Only.