Housing loan interest

This query is : Resolved

vinayak (Querist)
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07 June 2014 When Husband & wife take Housing Loan interest will claimable IT Act or No

If yes Then interest will taken Half by both or not

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 June 2014 if both are taking it sep then both can claim it sep........................

vinayak

vinayak (Querist)
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07 June 2014 Sir they have taken Jointly one Housing loan

vinayak

vinayak (Querist)
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07 June 2014 Sir they have taken Jointly one Housing loan

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 June 2014 then in proportion of int paid only they can claim.

Prof. Bajaj

Prof. Bajaj (Expert)
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29 June 2014 To avoid confusion, it is best that:

1. The property (home) is purchased in joint names.

2. The loan is taken in joint names.

3. The repayment is done from joint account. Or 50% repayment is done from Husband's account and 50% from Wife's account.

Any diversion from the above 3 could invite queries by the AO, which could be difficult to explain.