Housing loan interest deduction

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Balakrishnan (Querist)
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26 July 2011 Sir, One house property purchased in the name of Wife and Housing loan taken by her and her husband as joint for Rs.40.oo lakhs. Both are doctors and earning good. Housing loan interest comes for the financial year 2010-2011 is Rs.3,75,000 and principal is 2,00,000. The said repayment paid both equally.Kindly advice them regarding loan interest and principal in their income tax calculations.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 July 2011 Wife alone will get the benefit of 24(b) and 80C since she alone is the owner of the property. Find out the loan repaid by her, bifurcate the principal and interest component thereon and avail the above referred benefit while calculating her taxable income.

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