Housing loan- interest and principal repayment- deductions
This query is : Resolved
09 December 2013
I am an individual, salary ward income tax assesse.My wife is a house wife and she was gifted with a plot by her mother.the plot was regitered in my wife's name solely. now we have availed first ever housing loan in my name(borrower/ applicant) and in my wife's name(co-borrower/ co-applicant)jointly from HDFC in 2011 -2012 and constructed the house.The repayment of interest and principal are deducted fully from my account only.There is no contribution from my wife and she neither have any taxable income nor claim any deduction from income tax. Can i claim deduction from my income tax, if yes under which section of IT ACT.
09 December 2013
Yes, You can claim Interest U/s 24(b) upto Rs. 150000 and principal repayment U/s 80C -upto Rs 100000/- .
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10 December 2013
Thank you sir, but my auditor says that assesse should be an owner / co- owner otherwise i can't claim benefits. what to do?
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