10 August 2009
The wife will get it as husband does not have house owned. IF it is in joint ownership both can claim Int deduction of Rs 150'000*2= 300,000
10 August 2009
for claiming of interest paid on housing loan one should fulfill the following conditions: 1)should be the owner/coowner of the house 2)loan should be taken by him or as a co-borrower 3)the payment of loan should be from his income, if the above conditions fulfilled then int. can be claimed up to 1.5 lacs u/s 24 and principal up to 1.00lacs u/s 80c
10 August 2009
Also provisions of section 27(1) and 67(1)(iv) of the Income tax Act,1961 is to be looked into for a correct answer since question is silent regarding wife's occupation,who is the loanee etc.
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