interest on housing loan
This query is : Resolved
28 December 2010
sir,
A person took a housing loan in joint name and the interest on housing loan is Rs.302000/-. My query is
a) Rs.150000/- is available to each person or not.
A person took a housing loan in joint name and the interest on housing loan is Rs.302000/-. My query is
a) Rs.150000/- is available to each person or not.
28 December 2010
In your case it has to be seen whether the house is owned in the joint names also.If that be the case,both owners can claim deduction of Rs 1.50 lacs provided they have paid the interest individually
CS LLB Pulkit Gupta
(Expert)
28 December 2010
This deduction is only available to owner of house. Your question is not clear regarding ownership of house. If they are co-owners then "Where the House property owned by co owners is self occupied by each of the co owners, the annual value of the house property of each co owners will be nil & each co owner shall be entitle to a deduction of Rs. 30000 or Rs. 150000 as the case may be u/s 24 b on account of Interest on borrowed capital "
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
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Query on effect of registration of property
- Visiting card purchase
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
