Housing Loan
This query is : Resolved
29 June 2011
Husband & Wife are taxpayers.
If they buy a house jointly and take a joint home loan, Can they both claim income tax deduction? on which ratio and e.g.
is 150000 is interest and 100000 is principal they both can claim full amount in their return?
If they buy a house jointly and take a joint home loan, Can they both claim income tax deduction? on which ratio and e.g.
is 150000 is interest and 100000 is principal they both can claim full amount in their return?
02 July 2011
Dear Prasad,
In case property has been taken jointly and home loan is also paid jointly then deduction for interest u/s 24B can be claimed jointly and on principal repayment be claimed jointly under chapter V1A (80C).
Regards
Abhisek Tosniwal
In case property has been taken jointly and home loan is also paid jointly then deduction for interest u/s 24B can be claimed jointly and on principal repayment be claimed jointly under chapter V1A (80C).
Regards
Abhisek Tosniwal
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12 July 2011
Dear Abhisek thanks for answer b
ut my question is
if their Interest is Rs.1,00,000/- and principal is Rs.80,000/-
should they take benefit for Rs.1,00,000/- each in their separate Income Tax Return
OR
Rs.50,000/- (1/2 share) in their separate Income Tax Return
same in case of Principal Amount.?
ut my question is
if their Interest is Rs.1,00,000/- and principal is Rs.80,000/-
should they take benefit for Rs.1,00,000/- each in their separate Income Tax Return
OR
Rs.50,000/- (1/2 share) in their separate Income Tax Return
same in case of Principal Amount.?
12 July 2011
Dear Prasad,
How can you claim more than what you have incurred?
Thus for an exp.(Interest) of Rs. 100000/- incurred jointly (same also with principal),each of them can claim their part that is Rs.50000/- each.
Regards
Abhisek Tosniwal
How can you claim more than what you have incurred?
Thus for an exp.(Interest) of Rs. 100000/- incurred jointly (same also with principal),each of them can claim their part that is Rs.50000/- each.
Regards
Abhisek Tosniwal
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