2231S (Company Secretary) (53 Points)
05 January 2011My husband and myself have bought a house in joint names. Now we plan to take the interest benefit since it is a SOP.
I have read in so many articles that in such cases each co-owner can claim individually 1.5 lac interest benefit on home loan.
Thus, the total benefit available to both of us would be 3 lac. Can anyone please help me with any circular / official communication from IT Dept on this matter?
Regards
Pankaj Arora
(Learner)
(3134 Points)
Replied 05 January 2011
u can refer to section 24(b) of it act.
2231S
(Company Secretary)
(53 Points)
Replied 05 January 2011
Referred it, but no mention about individual benefit of interest.
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 05 January 2011
It is not mentioned any where just it is general practice !! so claim 1.5L for both joint owners.
2231S
(Company Secretary)
(53 Points)
Replied 05 January 2011
But my HR Dept does not allow... They say they have always been allowing 1.5 lac in totality for one property... depending upon proportion of ownership.
CAclubindia
