rebate u/s 24(b)

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2010 My wife & self borrowed a housing loan and we pay an emi of Rs.20,000/-pm each i.e. 40,000/-pm around Rs.242,000/-pa we pay towards interest and rest is adjusted against our loan. Is we both can avail Rs.121,000/-each u/s 24(b) as interest rebate from our respective income. please advice

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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23 June 2010 As you both are the joint owners so you both are allowed to take the benefit of deduction u/s 24(b) but this will be beneficial when your wife is also having any taxable income.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2010 You mean to say that we both can avail the benefit of Rs.121K from our respective income.; I am correct?

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Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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23 June 2010 yes you both can take the benefit individually.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2010 Thanks a lot Shudhanshu