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?
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).
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.
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