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Home loan interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 January 2014 I have taken a home loan (jointa/c)
1st Applicant is : my wife , Co-applicant :myself and EMI is paying from wifes bank account.

My Qust. can i avail IT deduction of Interest/principal of repayment, if yes have any percentage..

thanks
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CA TSR

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08 January 2014 % of allowability of interest U/s. 24 and repayment of principal amount U/s. 80C basing on loan amount recorded in your books of accounts.
Example : Your Wife books (40% loan)and your books (60% of loan) is recorded. Then allowable expenses in your hands is 60% of loan repaid & interest paid during the year.
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