9911796707
TMI BlogINTEREST ON HOUSE PROPERTYX X X X Extracts X X X X X X X X Extracts X X X X ..... I HAVE TWO CLIENTS. BOTH ARE HUSBAND AND WIFE AND MEDICAL PROFESSIONALS. BOTH ARE FILING THEIR INCOME TAX RETURN IN INDIVIDUAL CAPACITY. THEY HAVE TAKEN HOUSING LOAN IN JOINT NAME. BOTH ARE PAYING INSTALLMENTS FOR THE SAME EQUALLY. FOR THIS HOUSING LOAN THEY HAVE PAID Rs. 3,00,000 AS INTEREST TOWARDS THE HOUSING LOAN DURING THE YEAR. NOW BOTH THEY ARE ENTITLED FOR DEDUCTION U/s 24 FOR HOUSING LO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AN INTEREST FOR Rs. 1,50,000 INDIVIDUALLY OR Rs. 75,000 INDIVIDUALLY. - Reply By NEERAJ BHUTORIA - The Reply = 1[ Deductions from income from house property. 24. Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:— (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, the amount of any interest payable on such capital: Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed 2[within three years from the end of the financial year in which capital was borrowed], the amount of deduction under this clause s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall not exceed one lakh fifty thousand rupees. 3[Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a certificate, from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of the property, or, conversion of the whole or any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of the capital borrowed which remains to be repaid as a new loan. Deduction is allowed based on certificate. If certificate is produced then the same is allowed. - Reply By Sankar Bagchi - The Reply = Yes, so long both husband and wife has seperate source of income, the principal amount of loan can be claimed as rebate under Section 80C to the extent of Rs.1 laac each and similarly interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of loan under Section 24 can be considered as reduction under "income from house property" if self occupied, in proprtion of their ownership to the maximum limit of Rs1.50 lacs for each individual and in case of rent in proportion of their ownership without limit. - Reply By Mohammed Lakkadsha - The Reply = Yes, Both Husband and wife can claim interest to the exent of limit prescibed under provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o to 24(b) i.e 1.5 lacs if other conditions are fulfilled. Also bith can claim benifit u/s 80C for repyament of housing loan of their respective share of housing loan subject to maximum limit prescribed. - Reply By DEV KUMAR KOTHARI - The Reply = Yes, both can claim benefits of S.80C and 24. If the house is partly used for professional purposes ( which is likely - like chamber, patient examination ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... room, nurse room, conference room etc.)also, then relevant reasonable deductions can be claimed against professional income for interest, depreciation, repair and maintenance,furnishing electricity etc. In such cases it is always advisable to demarcate area and have separate loans, to avoid controversies and confusions. - Reply By Sathish Kamath - The Reply = Is there any decided case law or CBD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T circular on above subject? - INTEREST ON HOUSE PROPERTY - Query Started By: - Kishor Vishnu Dated:- 16-8-2010 Income Tax - Got 5 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
