3 Replies to “What is the slab for exemption for interest arising out of Housing loan when the property has shared owners?”

  1. If the housing loan interest paid on the loan say Rs.5 lakhs in a financial year, then,

    1) If the joint owners are 5, then each of them can claim 1 lakh each individually.

    2) If the joint owners are 2 persons, they the interest for each of them to their share will be Rs.2.5 lakhs. But the exemption is limited to 1.5 lakhs per person. So each of them can avail 1.5 lakhs only as against 2.5 lakhs to his share.

    In the same way, they enjoy repayment of principle amount benefit u/s 80C.

  2. if house is let out then there is no limit of interest.but in case of self occupied property it is 150000 per owner if:-
    it is taken after 1 april 1999 and
    is for the construction/purchase of house property

  3. The share of each owner should be clearly defined.
    Each owner should pay interest – Rs. 1,50,000/- for claiming the max. exemption u/s 24.
    Each owner should repay principal – Rs. 1,00,000/- for claiming the max. exemption u/s 80C.

    If the property is let out than there is no cap on interest exemption

Leave a Reply

Your email address will not be published. Required fields are marked *

two × 5 =