Dear All
If Any one Purchases Flat in Joint name of Husband & wife & taken a houseing loan, Whether Both Can Claim For Interest on Houseing Loan Upto Rs.1.50L Each?
8 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 05 August 2009
Mr.Goutham
It is not accepted by the IT department.
Best Wishes
Sathikonda
Adv.Gautam Shethiya
(Proprietor)
(67 Points)
Replied 05 August 2009
Dear Sir ,
Can you tell me the reason
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 05 August 2009
CA Guru M
(B.com, CA, CS)
(1552 Points)
Replied 05 August 2009
If the Flat is self occuiped then both of you (i e, co-owners) can claim equally or at the agreed ratio upto Rs.1,50,000/- u/s 24b
In other case both the co owners can claim without limit equally or in agreed ratio.
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 05 August 2009
ya , both can claim dedn upto 1.5 lakh each
Suresh M
(Financial Analyst)
(124 Points)
Replied 06 August 2009
If the house is got registered and co-owner - both will get benefit of 1.5L each on deduction of Interest. Same time, Rebate on deduction of Rs. 20000 or actual payout which ever is less also available for both of them.
Adv.Gautam Shethiya
(Proprietor)
(67 Points)
Replied 07 August 2009
DEAR ALL,
LOT OF THANKS for u r replay,Another:-
If Interest Cant claim above Rs.1.5 Lacs Between both of them, Whether Principal Repayment Of Hsg.Loan Can be Deducted from Taxable Income?
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 07 August 2009
if there is a co onower that mins the amt invested ratio is considered and they clame owne share lone interest
one more thing if husband invest whole money and he enter his wife as a co onower so only husband clame the interest
ex
iif interest is 2,00,000 and invest ment ratio is 50-50 so tretment is
- if wife invest pin money then both clame 1,00,000 each
- if hasband invest whole money but write his's wife as a co-onower then deduction is only 1,50,000
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