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Exemption for home loan

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Srimannarayana

Srimannarayana (Querist)
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08 June 2016 Dear Sir
Wife and Husband has taken Home loan for Two Houses on Joint Account Principal and Interest are as follows.
House1 House - 2
Interest - 204539 189484
Principal - 58069 37076

How much we will give exemption for Interest and Principal

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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08 June 2016 Exemption will depend upon share of ownership in property. If both houses is co-owned by husband and wife, interest and principal will be divided on that ratio.

Srimannarayana

Srimannarayana (Querist)
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08 June 2016 for both houses we have divided

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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08 June 2016 For both houses, claim deduction of interest and principal on respective ITR.

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