Housing loan interest
This query is : Resolved
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
If yes Then interest will taken Half by both or not
07 June 2014
if both are taking it sep then both can claim it sep........................
07 June 2014
then in proportion of int paid only they can claim.
Prof. Bajaj
(Expert)
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.
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.
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