About Home loan and HRA
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 January 2011
A person (male) has bought a property in joint name with his wife in 2006. He had been
claiming 100% of rebate for Interest & Principal payment on Home Loan.
Howver, in a TV show it was told that If the Property is
in joint ownership with Wife then one can claim 50% or as per
contribution of EMI for IT Rebate and also show that you are paying Rent
to Wife.
This year the person has paid all EMI's from his individual account and Prepayment
on Loan from our joint bank account.
Please advice if he can Claim Rebate & Rent both in this year?
A person (male) has bought a property in joint name with his wife in 2006. He had been
claiming 100% of rebate for Interest & Principal payment on Home Loan.
Howver, in a TV show it was told that If the Property is
in joint ownership with Wife then one can claim 50% or as per
contribution of EMI for IT Rebate and also show that you are paying Rent
to Wife.
This year the person has paid all EMI's from his individual account and Prepayment
on Loan from our joint bank account.
Please advice if he can Claim Rebate & Rent both in this year?
CMA Ramesh Krishnan
(Expert)
14 January 2011
If house in joint name & loan also joint name you both can claim Housing interest, But HRA can be claimed only one person owner and other person also in employment
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