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.
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