Umang (Chartered Accountant) (71 Points)
25 September 2014MR. A OWN PLOT OF LAND FOR RESIDENTIAL PURPOSE.
NOW HE WANTS TO CONSTURCT HOUSE ON THAT PLOT OF LAND.
HE WANTS TO TAKE LOAN FROM BANK BY MORTGAGING PLOT OF LOAND.
LOAN WILL BE SENCTION IN THE NAME OF MR. A AND MRS. A.
INTEREST ON LOAN OF SELF OCCUPIED PROPERTY WILL BE ALLOWED IN HANDS OF BOTH MR.A AND MRS. A ?
RS. 2,00,000 EACH FOR MR.A AND MRS. A FROM F.Y.14-15.
KINDLY GUIDE.
Abhijeet Deshpande
(Co-Founder & Manager @ Tax-Yantra)
(1171 Points)
Replied 25 September 2014
Interest shall be allowed in name of both the assessees where the residential house is also jointly owned. If it is owned by Mr. A only, only the interest paid by him subject to Rs. 200000 shall be allowed.
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