Housing loan
This query is : Resolved
03 February 2016
hello,
if husband and wife take a Housing Loan in joint name. and the EMI is of Rs. 53083 pm.
The Total Interest paid for the year-2015-16 is Rs. 371123 and Principal Repayment was Rs 268711.
The 50% of Both Interest and Principal repayment can be claimed by both i.e. Husband & Wife in their individual Tax Computation.
50% Interest i.e 1,85,561.00 u/s 24b and 50% of Repayment of Principal... i.e 1,34,355.00.
kindly guide for the how deal this in their computation.
Thanks
Swapna
if husband and wife take a Housing Loan in joint name. and the EMI is of Rs. 53083 pm.
The Total Interest paid for the year-2015-16 is Rs. 371123 and Principal Repayment was Rs 268711.
The 50% of Both Interest and Principal repayment can be claimed by both i.e. Husband & Wife in their individual Tax Computation.
50% Interest i.e 1,85,561.00 u/s 24b and 50% of Repayment of Principal... i.e 1,34,355.00.
kindly guide for the how deal this in their computation.
Thanks
Swapna
03 February 2016
Both the husband & wife can claim deduction of interest & principal amount. Interest amount shall be allowed as deduction while computing Income under the head Income from House Property. The principal repayment shall be allowed as deduction u/s 80C.
03 February 2016
Please note that the OWNER of the house can only avail the benefits under both sections.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Entries in AIS regarding sale of units and shares
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
