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(Querist)
12 July 2011 Husband & Wife take Loan Jointly

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.?
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
12 July 2011 Rs. 50,000/- (1/2 share) in their separate Income Tax Return
same in case of Principal Amount
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prasad

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prasad (Querist)
15 July 2011 if there is section for that.. mentioned the above
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
06 August 2011 yes. Interest please refer section 24(b) & Principal amount you can refer section 80C of the Income tax act

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