Q: The house property is in joint names. Person A takes the loan only on his name and pays off individually. Will he be able to claim 100% exemtion u/s 24 or it'll be 50%?
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Interest on housing loan exemption in case of joint property
Replies (2)
If the property is SOP throughout the year then A will be allowed 100% exemption upto limit of
Rs. 30,000/2,00,000
If it is Let out property then income will be computed as if for single owner and then it will have to be divided as 50% to each,
so in this case in effect the interest will get divided.
This is my interpretation.
Rs. 30,000/2,00,000
If it is Let out property then income will be computed as if for single owner and then it will have to be divided as 50% to each,
so in this case in effect the interest will get divided.
This is my interpretation.
Thank you!
CAclubindia
