Housing Loan

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prasad (Querist)
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12 July 2011 Husband & Wife take Loan Jointly

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.?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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12 July 2011 Rs. 50,000/- (1/2 share) in their separate Income Tax Return
same in case of Principal Amount

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prasad

prasad (Querist)
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15 July 2011 if there is section for that.. mentioned the above

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 August 2011 yes. Interest please refer section 24(b) & Principal amount you can refer section 80C of the Income tax act

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