SIR, I AM WG CDR SANYOG MEHTA AND SERVING IN INDIAN AIR FORCE. I HAVE RECENTLY PURCHASED A PROPERTY IN DELHI, DWARAKA. tHE PROPERTY IS JOINTLY PURCHASED BY ME AND MY WIFE WHO IS ALSO AGOVT SERVANT. IN REGISTRY PAPERS THE SHARE OF PROPERTY IS SHOWN AS 50-50.HOWEVER IN BANK CERTIFICATE FOE CLAMING EXEMPTION NO RATIO HAS BEEN MENTIONED. SIR WE ARE CURENTLY PAYING RS TWO LAKH AS INTEREST AND THIRTY THOUSAND AS PRINCIPLE.MY QUESTIONS ARE AS FOLLOWES: (A) CAN BOTH OF US CLAIM EXEMPTION AGAINST INTEREST PAID UPTO MAXIMUM LIMT OF 150000 OR THE SUM OF INTEREST PAID THAT IS RS 200000 HAS TO BE DIVIDED BETWEEN US AND IF SO WHAT IS THE RATIO. (B) CAN I CLAIM FULL 150000 AND MY WIFE THE BALANCE 50000. (C) WHAT THE MAXIMUM LIMIT OF CLAIMING EXEMPTION AGINST PRICIPLE AMOUNT PAID. IS IT RS 20000 ONLY OR THE AMOUNT ACTUALLY PAID AGAINST PRINCIPLE. (D) WHAT WOULD BE THE RATIO OF CLAMING EXEMPTION AGAINST PRINCIPLE AMOUNT BETWEEN ME AND MY WIFE.
Re: INCOM TAX
by Sunil Kumar on Jan 07, 2009 03:14 PM Permalink
Dear Sir, Interest paid by you is Rs.2,00,000 but you can claim exemption upto Rs.1,50,000 under section 24(a) of the Income Tax Act. The person holding bank loan account will only be eligible for claiming exemption of housing loan & of interest .
Maximum deduction allowed for payment of Interest is Rs.1,50,000. And the amount of principal amount paid will be restisted upto 1,00,000 , under section 80C.
Similarly the amount of principal amount will also be allowed for the loan account holder.
Sir, any other quiery about any issue feel free to mail at (aspglobal@rediffmail.com)
