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claim of interest and emi

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(Querist)
04 January 2011 if suppose an husband and wife has purchased a house.share is 50%.now wife wants to claim deduction under 80c to 80u....and also interest paid by her u/s 24b...can she claim 100% considering the exemption limit or she can claim only 50% as she is partner of 50% only.if it is that way than can she and her husband can make an agreement that wife will b only responsible for payment...?????and than she can claim 100%...


plz rply
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
05 January 2011 Yes... Husband can give the declaration for loan payment & also regarding Non-Claiming of any benefit under IT Act, then wife can claim 100 % benefit.
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CA ASHISH GUPTA

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CA ASHISH GUPTA (Expert)
05 January 2011 In my view this arrangement will not affect 24(b). only 50% of interest can be claimed.
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O.D.SHARMA

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O.D.SHARMA (Expert)
05 January 2011 Hi,
100% cannot be claimed by one,Even if declaration is there.This will be based on the pre purchase agreement & investment ration.IE 50/50 Here
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Nazir

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Nazir (Expert)
05 January 2011 No.. 100% can be claimed by 1 person with declaration.. in fact each can claim 150000/- if interest is 3L.

Nazir
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CA ASHISH GUPTA

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CA ASHISH GUPTA (Expert)
06 January 2011 @ nazir - plz provide some legal backing for ur answer
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