Home Loan Queries

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Hardik (Querist)
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14 July 2024 Scenario:
- My wife and I are co-owners of two properties with active home loans.
- The first property was purchased nearly 7 years ago, and the second property's loan was acquired in FY23-24.
- We are living in the second property.
- I am solely responsible for repaying both home loans.
- Rent from the first property is credited to my wife's account.
- Under the old tax regime, my gross income before tax exceeds 50L annually; however, my income after taxes is less than 50L.

Queries based on this scenario:
1. Which ITR form should I file—ITR1 or ITR2?
2. Can I claim the annual interest on both properties' home loans (approximately 1 lakh for the first property and 2 lakhs for the second property)?
3. Is it legally permissible to show rental income in my wife's ITR while I am responsible for loan repayments?
4. Can I claim deductions under all applicable sections: 24(b), 80EE, and 80EEA?

Experts, could you please help with all these queries.
Please feel free to ask if you have any more questions or need further clarification!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 July 2024 1. ITR 2
2. Yes, under Old tax regime, maximum deduction 2 lakhs.
3. Divide the income declaration in both PAN.
4. Only in Old regime.

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