Interest on housing loan

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
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?

18 December 2010 Interest Allowed to Both CoOwner Max 1.5 Lacs Each

18 December 2010 agreed with Ayush.


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.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries