interest on housing loan

This query is : Resolved

kanchan (Querist)
Follow

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.

CA Madhu Soodan Tapuriah

CA Madhu Soodan Tapuriah (Expert)
Follow

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

CS LLB Pulkit Gupta (Expert)
Follow

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Krishna seva das

AJAY Kumar Agrawal

K.Govindarajan

Dhananjay Patil

xavier

Subscribe Now

interest on housing loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA