Rebate in Housing Loan interest

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 Dear Experts,

I had purchased a house by taking a loan in joint name with my wife. The house is in joint names with no share defined and total interest paid per annum is close to 3.50 lacs. I would like to know, can my wife & I both claim the rebate separately on interest paid on housing loan.

Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 February 2011 Q...The house is in joint names with no share defined and total interest paid per annum is close to 3.50 lacs.

Ans..1. Define the share.
2.Being a life partner, take her as a co-owner in your house also.
3. Make repayment from joint account sharing equally.
4. You both can claim deduction towards Interest as well as Principal.
5.If she is not having IT file, contact a CA .

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