Housing Loan Benefit

This query is : Resolved

Devendra Tambe (Querist)
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16 February 2009 If Assessee has taken Home loan Jointly with his wife in Equal Proportion. But Housing Loan is repaid by Assesess only & not by His wife. Then How much Housing Principal & Interest will eligable to Asessess

chetan soni

chetan soni (Expert)
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16 February 2009 He can claim full amount in his return for that he need to give the self declaration & acceptence letter from his wife stating that she will not claim the same in her personal income tax return.

But in future she wants to claim that then ITO can disallow the deduction claim on the basis of earlier claim.

SO TAKE A MIDDLE PATH...........SHARE THE DEDUCTION IN SUCH A MANNER THAT BOTH WILL ENJOY THE BENIFIT OF HOUSING LOAN.