PP (N.A.) 27 July 2014
I have a query regarding 'Loss on Income from Let Out Property'. Lets say A and B jointly own a house which is let out and there is an outstanding loan on the house. A claims the entire interest deduction benefit under the Let Out Property Clause. I understand that B cannot claim any interest deduction in such a case. However, can B claim deduction w.r.t the payment made towards the principal amount of the loan under section 80 C
CA Sunil Gupta (Prop.) 27 July 2014
yes, B claim deduction
Regards
CA Sunil Gupta
9990816439
T. Kalaiselvan, Advocate (Advocate) 28 July 2014
B can claim exemption of IT under section 80C to the extent of the loan repayment or upto the permissible limit.
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 29 July 2014
property which is rented out, you can deduct the full interest paid on the home loan. The rent on the property does become part of your income. If the rent is lesser than the loan interest, it will lower your overall tax liability. In any case, interest on loan offsets the rental income which is good for tax savings. For joint loan and self-occupied home, it is important to show the loan repayment by both husband and wife as they can avail of Rs1.5 lakh each on loan interest deduction.
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