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Hi, I have purchased a house 2 years back. The owner of the House is my elder brother and my father and I am co-applicant for house loan. In the current year, I have paid 33% of total money paid (as EMI) to the bank from my bank account. The backup of amount paid as principle and Interest as per bank certificate is as follows: Principle Component: Rs 45,619.00
Interest Component: Rs 2,76,941.00
Pre-EMI Interest: Rs 478.00 Now, My question is how much amount I can claim under Principle repayment and Interest paid for House? It looks straight forward to divide all above amount by 3 and then go for the claim however I am not sure that 1.5 lakhs exemption on Interest paid is on per house basis or individual basis. If it is per house basis then I cannot claim more than Rs 50 k (1.5 lakhs/3 ) else I should be able to claim Rs 92313.67 (276,941 / 3). Please confirm :) Regards, Avinash asked Feb 25 '11 at 23:51 by Avinash 1●1●1●1 |
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You can claim your full share of principal and interest payment (subject to max limit of 1 lakh for principal and 1.5 lakh for interest). Income tax computations are on individual basis. answered Feb 27 '11 at 11:30 by Pankaj Batra 5.2k●3●20 |