housing loan deduction & tution fees

This query is : Resolved 

27 April 2011 sir,

My self & my wife have a joint account. we have taken an housing loan . repayment is made 12 instalments

principle 74189

interest 160843

my wife claimed principle & i claim interest max lt as 150000/- is is correct ?

regarding tution fees please explain

27 April 2011 Dear Nitarajan,
Is the house registered in Joint name of you and your wife. If yes then you both can claim the repayment benefits as follows:-
You need to determine your and your wife share in the property. If nothing mentioned in your agreement then you can assumed 50% each. For claiming the benefits of loan and interest, It will depend upon the amount repaid by you and your wife.
If it is difficult to determine the amount repaid then it is advisable to claim on the basis of your share. Else it may lead to litigation.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries