HOME LOAN INTEREST

This query is : Resolved

ramesh (Querist)
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04 February 2011 I HAVE PURCHASED A FLAT JOINTLY WITH MY WIFE THROUGH A HOME LOAN FROM SBI. KINDLY CLARIFY WHETHER I CAN CLAIM THE BENEFIT OF INTEREST COMPONENT FOR THE PURPOSE OF INCOME TAX AS A WHOLE OR IT SHOULD BE SHARED WITH MY WIFE @ 50:50.

URGENT PLEASE

G.RAMESH, CHENNAI

Tilak Agrawal

Tilak Agrawal (Expert)
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04 February 2011 Dear Ramesh,

Benefit u/s 24 of IT Act is to be claimed by the person who has paid the EMI.

In Case you have paid the EMI you can claim alone the whole benefit of Interest.

Rohit Agarwal

Rohit Agarwal (Expert)
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04 February 2011
Dear Ramesh,

You should claim it in your wife name as the salb of taxable income is more for her or else divide it in two equal proportions.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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04 February 2011 Agreed...
& also... your wife needs to submit a declaration that she is not claiming any IT benefit for any of such exemption.

Normally... your employer would ask this declaration before allowing any such 100 % deduction.