Income tax benefit for home loan
This query is : Resolved
09 July 2013
My wife and myself has applied for a home loan amount Rs 34 Lakhs where my wife is first applicant and I am second applicant. My wife is a house wife she is not having any income and does not submit IT return. I will amke the payment for EMI. Property will be register in our name where wife will be 1st owner and I am 2nd owner. Can it get tax benefit for all the amount under section 24 and 80C.
10 July 2013
yes, u/s 24B interest is allowed on accrued basis.
u/s 80C, principle is allowed as payment basis.
since your wife dont have income, you are coowner, can take half credit only.
u/s 80C, principle is allowed as payment basis.
since your wife dont have income, you are coowner, can take half credit only.
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