Rebate on Tax on Home loan Interest

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Dharam Pal (Querist)
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08 March 2022 My wife and I have availed a single joint housing loan for our self occupied house. This house is jointly owned by both of us. Can we both avail interest deduction upto ₹2 lakh for interest and repayment of home loan under Sec 24 of Income Tax separately? Can we both claim the interest deduction in different ratio? Please advise any condition for payment of EMI from both Bank Account?
Dharam Pal
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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 March 2022 Yes is the reply for all queries.
Claim deduction based on EMI payment from each account.

Dharam Pal

Dharam Pal (Querist)
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09 March 2022 Sir,
Bank Required only One Bank Account(salary Account) for deduction of EMI at the time of Loan disbursement. Please suggest is it possible EMI paid through Joint Bank Account. It is also inform that the Bank issued Interest Certificate Joint Name i.e husband and wife.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 March 2022 yes, joint account no problem but both of tour earning to be credited in joint account.

CA Puja Sharma

CA Puja Sharma (Expert)
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09 March 2022 Yes you can make the EMI payment from joint account. If the bank is not accepting the joint account then you can give your bank account and every month your wife can transfer part of her EMI so that she can claim the deduction.

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