Housing Loan

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prasad (Querist)

29 June 2011 Husband & Wife are taxpayers.
If they buy a house jointly and take a joint home loan, Can they both claim income tax deduction? on which ratio and e.g.
is 150000 is interest and 100000 is principal they both can claim full amount in their return?

ABHISEK TOSNIWAL

ABHISEK TOSNIWAL (Expert)

02 July 2011 Dear Prasad,

In case property has been taken jointly and home loan is also paid jointly then deduction for interest u/s 24B can be claimed jointly and on principal repayment be claimed jointly under chapter V1A (80C).

Regards
Abhisek Tosniwal

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prasad

prasad (Querist)

12 July 2011 Dear Abhisek thanks for answer b
ut my question is
if their Interest is Rs.1,00,000/- and principal is Rs.80,000/-

should they take benefit for Rs.1,00,000/- each in their separate Income Tax Return

OR

Rs.50,000/- (1/2 share) in their separate Income Tax Return
same in case of Principal Amount.?

ABHISEK TOSNIWAL

ABHISEK TOSNIWAL (Expert)

12 July 2011 Dear Prasad,

How can you claim more than what you have incurred?
Thus for an exp.(Interest) of Rs. 100000/- incurred jointly (same also with principal),each of them can claim their part that is Rs.50000/- each.

Regards
Abhisek Tosniwal

Message likes : 1 times

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