Income tax deduction for joint housing loan

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  1. vinay varma

    vinay varma New Member

    I had taken housing loan for plot and construction of house. Me, my brother and my father had jointly taken the loan on the basis of my brother's and my income. Loan was sanctioned in september'2014 house is under construction now. How can the savings shown for income tax deduction.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    As the house is currently under construction, therefore:-
    1. Repayment of principal amount of home loan will not be allowed as a deduction
    2. Repayment of interest amount of home loan will be accumulated and allowed as a deduction after the construction is completed.
     
  3. vinay varma

    vinay varma New Member

    It means that for this financial year i cannot get tax exemption as the construction of house planned to complete by Aug'2015
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    Yes, you cant get any deduction this year.

    However, as the construction would be completed in Aug next year, you would be able to claim deductions for both principal repayment as well as interest repayment for the whole year.
     
  5. prejilal

    prejilal New Member

    if a loan is taken by husband and wife jointly both are employees whether they can claim deduction separately the principle amount 1.5 lack and interest 2 lack.
     
  6. gaurav_kumar

    gaurav_kumar Well-Known Member

    @prejilal - yes, both the husband and wife can claim deduction of Rs. 1.5 Lakh for principal and Rs. 2 Lakh for Interest.

    This is for available separately for both the husband and wife.
     
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