16 May 2013
I have a query on claiming deduction u/s 24 and 80C of IT act
Suppose I have taken a housing loan which is on joint name of me and my wife. EMi is being paid by me only but my wife is also earning. My Salary is 35000/month and my wife's salary is 25000/month. Principal paid udring the year is 125000 and interest paid is 140000.
Questions 1. Can I and my wife both claim an expemtion u/s 24 & 80. 2. if yes, Can I and my wife claim 150k each or that will be subject to maximum of interest due in a year 3. What would be the deduction under sec 24 & 80C for me and my wife
16 May 2013
If house is co-owned by you and your wife and the loan is taken in joint name,
1. Both of you will get deduction of Rs. 1.5 lacs each u/s 24.
2. Both of you can claim deduction u/s 80C
Amount of deduction will be in the ratio of ownership.
If, for e.g, both of you have equal share in house,
Each can claim deduction of Rs. 70,000/- u/s 24 and 62,500/- u/s 80C.
Since EMIs have been entirely paid by you, your wife can transfer her share of principal and interest to your account to stand scrutiny, if any, in future.
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