House loan decuction
This query is : Resolved
Aadish Jain
(Querist)
19 November 2011
if home loan taken with joint name of husband & wife than
1)what is the treatment when both having taxable income. total repayment of loan amount is 120000 p.a.
2)what is the treatment when only one person having taxable income. total repayment of loan amount is 120000 p.a.
1)what is the treatment when both having taxable income. total repayment of loan amount is 120000 p.a.
2)what is the treatment when only one person having taxable income. total repayment of loan amount is 120000 p.a.
CA Navin Jain
(Expert)
19 November 2011
both are claim the deduction in their housing loan ratio.
If only one person having taxable income then he/she is eligible to claim the deduction extent to their housing loan ratio.
If only one person having taxable income then he/she is eligible to claim the deduction extent to their housing loan ratio.
Aadish Jain
(Querist)
23 November 2011
thank you sir for reply
if the house is registered in the name of only wife but the loan is taken in joint name i.e. husband and wife and the total loan installment is paid by only husband. can husband get deduction. wife has no taxable income. plz suggest the ans.
if the house is registered in the name of only wife but the loan is taken in joint name i.e. husband and wife and the total loan installment is paid by only husband. can husband get deduction. wife has no taxable income. plz suggest the ans.
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