It exemption on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2012 Have a JOINT housing loan of 30L with 15 years , having EMI of appx. 32,000/-
Can this repayment EMI possible to split in joint a/c holder ?

If so, is IT rebate on Housing loan principle & Interest be availed by both loanees ?

The EMI is planned to be recovered from TWO separate A/C's respectively from Joint loan A/C holders.
One a/c holder has 5 years bal service & second 10 years. Is such IT rebate is allowed even after retirement also ?
Is there any propotion of EMI to be split or Equal split is advisable ?
Pl respond .

regards.

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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23 September 2012 The EMI can be split in the proportion of Loan Taken by each individual in its own name.Then deductions in both acconts can be taken.

Otherwise usually first holder (ie the name of the First holder to whom the Bank/ Financial Institution has given Loan)can take the exemption

Prof. Bajaj

Prof. Bajaj (Expert)
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13 October 2012 The Rebate is allowed after retirement also.

For availing tax benefit, along with being joint loanees, both need to be joint holders of the property as well.

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