ADVISE ON HOME LOAN TAX BENEFIT

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This discussion clarifies the tax benefits available for home loans taken out jointly by a husband and wife. Both individuals can claim a deduction of up to £2 lakh each on home loan interest, provided they are joint owners of the property and co-borrowers on the loan. While not strictly mandatory, it is advisable for the EMI payments to be made from a joint account or for funds to be transferred between accounts to reflect shared responsibility.

Dharam Pal

Dharam Pal (Querist)
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25 July 2022 Please advise tax benefit avail both wife and husband Rs. 2 Lac each on Home loan Interest if property purchase Joint name and the property use in self occupied 2.Also advise is it any condition for payment of EMI from both Bank Account or Joint Account?
Dharam Pal
9810600330

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 July 2022 1. Yes, both can claim deduction of Rs. 2 lakhs each provided both are co-borrower of loan along with join owner of the property.
2. Not mandatory, but advisable.

CA PARTH SHAH

CA PARTH SHAH (Expert)
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06 August 2022 Even if the EMI is not given from Joint account, it is advisable to transfer half of the yearly EMI the the coborrower account who is paying the EMI.

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