benefit under section 24(b) and 80C if the loan is in joint

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SANJAY (Querist)
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20 February 2010 Hi,

I have a home loan in joint name with my wife who is a govt employee.However EMIs are being paid from my salary a/c only.There is no payment of any EMI from my wife's a/c.Can we both claim the benefit under section 24(b)and 80C proportionatley ( 65% for myself & 35% for my wife).Also note that housing property is registered in both of us names.

Thanks,
Sanjay Garg

DEEPIKA GOEL

DEEPIKA GOEL (Expert)
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20 February 2010 As per my opinion, it would not be allowed to her to claim the benefit of deduction under section 24(b) and 80C.

But for a suggestion, it would be better to take deduction from the salary of one who draws more salary than other. It would results in saving of more tax as soon as the salary fall in high slab, the tax rate would increase. So, you can consider this option in future.

Further, you can open a bank account in the name of both. So you will be able to claim the benefit of deduction if you are paying the installment from the joint account. Even in case your case come in income tax scrutiny, you have a valid proof that you both are paying the housing installment.