Interest rebate on home loan u/s 24

This query is : Open

Arvind (Querist)
Follow

01 November 2011 I have purchased a house property in the joint name (me and my wife) I have paid all the money from my account and I am paying the whole EMI.

My querry is that can I claim 100% interest rebate from my income or it will be it will be divided 50:50. My wife is not claiming any rebate of home loan because her income is not taxable. Kindly resolve the issue.

Jitender

Jitender (Expert)
Follow

01 November 2011 as u r having 50% share in the property,therefore, u will be entitled for 50% rebate u/s 24

Message likes : 1 times

Arvind

Arvind (Querist)
Follow

02 November 2011 But as per income tax provisions rebate will be in the proportion the EMI payment if share of property is not clear in the purchase deed. And I am paying 100% EMI so I should claim 100% deduction??

Upgrade to CAclubindia Pro. Subscribe Now!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

07 November 2011 Interest can be claimed on accrual basis. It
is not necessary that it can be claimed only
on payment.

In case, you have added the name of your wife in loan agreement as a co-borrower, you should decide her share and claim the benefits accordingly.

Message likes : 1 times