Rebate on housing loan

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anil srivastava (Querist)
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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

CA CS PRASHANT (Expert)
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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.

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