CA Suraj Prasad Shaw (Chartered Accountant) (504 Points)
16 September 2013There is a House property, which is in the name of both husband & wife.
Hoam loan is also taken in the name of both husband & wife..
EMI are also paid by both through joint account.
Whether benefit of Rs.150000/- of interest as deduction from Income will be enjoyed by both husband & wife and benefit of principal repayment of Rs.100000/- in sec 80C will be enjoyed by both Husband & wife.
Expert please advice.
Neha sharma
(-)
(1257 Points)
Replied 16 September 2013
The Limit of 1,50,000 in Section 24 and Limit of 1,00,000 in Section 80C is per person and not per property...
So just divide the total interest and principal paid by you and then claim tax benefit
For more, you can also refer this detailed article: https://www.charteredclub.com/tax-benefit-on-home-loan/
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