Housing loan

This query is : Resolved

swapna (Querist)
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03 February 2016 hello,

if husband and wife take a Housing Loan in joint name. and the EMI is of Rs. 53083 pm.
The Total Interest paid for the year-2015-16 is Rs. 371123 and Principal Repayment was Rs 268711.
The 50% of Both Interest and Principal repayment can be claimed by both i.e. Husband & Wife in their individual Tax Computation.

50% Interest i.e 1,85,561.00 u/s 24b and 50% of Repayment of Principal... i.e 1,34,355.00.

kindly guide for the how deal this in their computation.

Thanks
Swapna

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 February 2016 Both the husband & wife can claim deduction of interest & principal amount. Interest amount shall be allowed as deduction while computing Income under the head Income from House Property. The principal repayment shall be allowed as deduction u/s 80C.