Housing loan
Querist : Anonymous
i got two home loans. details as follows:
[1] Rs. 8.50Lacs for purchase 1 flat
at my native place. prop. is only in my name.
year of purchase 2009
[2] Rs. 20Lacs for purchase of 1 flat fro both name (husband & wife) for living at mumbai. my wife is also working. (total payment given from my OD account)
pl advice as per repayment deduction.
Querist : Anonymous
On First Loan you will get the deduction under Section 80C for repayment of Principal Amount upto Rs 1.00 Lakh and for interest upto Rs 1.50 in one assessment year
On Second Loan there will deduction bifurcated between you and your spouse as per ownership ratio but overall sealing limit will apply for both of Separately.
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