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
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.
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.
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