Rebate on housing loan
This query is : Resolved
anil srivastava
(Querist)
14 January 2012
Me and my wife have taken a housing loan from a nationalized bank .we both deposit the EMI amount from our salary.how can both of us take rebate in income tax calculation for the F.Y.2011-2012 .we have a joint account.
CA CS PRASHANT
(Expert)
15 January 2012
Dear how is your loan agreement contains the clauses.For example 50:50 or 20:80 or 40:60.
According to your proportion of liability towards the loan you can get the exemption for interest amount paid unde section 24(b) of income tax act 1961.
According to your proportion of liability towards the loan you can get the exemption for interest amount paid unde section 24(b) of income tax act 1961.
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