07 January 2016
x and y are wife and husband, both are income tax assesses, both are jointly taken home loan, house also registered on x & Y, now both are paying emi equally, they paid interest 8,00,000 and principal 4,50,000
now my doubt 1)both x and y can get home deduction (Home Loan Interest in house property) i.e 200000+200000 or both are jointly get 200000
and both x and y can get 80c deduction (Home Loan principal) i.e 150000+150000 or both are jointly get 150000
07 January 2016
X & Y , both will individually and separately get the deductions in respect of interest on loan and repayment of principal. Each of them gets 200000+150000.
CAclubindia
