Akshatha.A.S (Practicing CA) (58 Points)
25 November 2009Is the limit of Rs.150000 for claiming housing loan interest u/s 24 defined for every individual or for every property?
For ex, if a joint loan is taken by husband and wife and the interest amounts to Rs.300000, can the husband claim Rs.150000 and the wife remaining Rs.150000?
CA Trinath Galla
(student)
(3130 Points)
Replied 25 November 2009
interest limit is based on whether the house is self-occupied or letout.
first tell what is dat?
limit of 1,50,000 is only for sef-occupied property.
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 25 November 2009
interest should be claimed as per the proportion of co-owners
PROPERTY OWNED BY CO-OWNERS – SECTION 26 :
Where property consisting of buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not be assessed as an A.O.P. (Association of Persons) but the share of each person in the income from the property as computed under sections 22 to 25 (i.e., income from house property) shall be included in his total income.
CA Trinath Galla
(student)
(3130 Points)
Replied 25 November 2009
limit of 1,50,000 is for a property.
Akshatha.A.S
(Practicing CA)
(58 Points)
Replied 25 November 2009
@ Trinath : The property is self occupied .
Akshatha.A.S
(Practicing CA)
(58 Points)
Replied 25 November 2009
@ Devanshi Gandhi : The explanation to Sec.26 states that the relief under 23(2) shall be given as an individual and this being the self occupied property, can this logic be extended to even the interest on housing loan for self occupied property?
CMA RAVI GUPTA
(MT in VPL)
(493 Points)
Replied 25 November 2009
both the husband and wife can claim deduction in thrie ratio of ownership but subject to max. rs150000 in case of S.O. purchased or constructed on or after 1 aprl 1999.
CA Jitender K Mittal
(CA (Qualified)l B.com NCFM )
(143 Points)
Replied 25 November 2009
yes 150000 limit is depend on person not property . As per ur question husband , wife both claiming exemption but provided that they both are owner in ratio
Jagdish Narayan Sawant
(chartered accountant)
(78 Points)
Replied 25 November 2009
deduction for interest on housing loan under section 24 will be available to each individual in case of joint ownership i.e Rs. 150000 to Mr. A and Rs. 150000 to Mr. B
Narayanan.R
(Chartered Accountant)
(191 Points)
Replied 25 November 2009
Deduction of Housing loan interest:
1. For self occupied property - 1.5 Lakh limit applies if house is constrructed/purchased after 1.4.99
2. If husband and wife co-owns the property - then each one can claim 1.5 L for self occupied property
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 25 November 2009
maximum deduction will be 150000 for each co-owners
vivek ananda
(student)
(173 Points)
Replied 25 November 2009
Deduction of Housing loan interest: 1. For self occupied property - 1.5 Lakh limit applies if house is constrructed/purchased after 1.4.99 2. If husband and wife co-owns the property - then each one can claim 1.5 L for self occupied property
completely agree with narayanan. the government wants people to have own house. so deduction of 150000 each is given to both the co-owners.
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 25 November 2009
The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs.1 lakh individually by each co-owner.
In cases where the house is owned by more than one person and is also self-occupied by each co-owner, each co-owner shall be entitled to the deduction individually on account of interest on borrowed money up to a maximum amount of Rs. 1.5 lakh. If the house is given on rent, there is no restriction on this amount. Both co-owners can claim deductions in the ratio of ownership.
| Originally posted by :CA Devanshi Gandhi | ||
| " | interest should be claimed as per the proportion of co-owners PROPERTY OWNED BY CO-OWNERS – SECTION 26 : Where property consisting of buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not be assessed as an A.O.P. (Association of Persons) but the share of each person in the income from the property as computed under sections 22 to 25 (i.e., income from house property) shall be included in his total income. |
" |
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