rebate u/s 24(b)

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2010 My wife & self borrowed a housing loan and we pay an emi of Rs.20,000/-pm each i.e. 40,000/-pm around Rs.242,000/-pa we pay towards interest and rest is adjusted against our loan. Is we both can avail Rs.121,000/-each u/s 24(b) as interest rebate from our respective income. please advice

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)

23 June 2010 As you both are the joint owners so you both are allowed to take the benefit of deduction u/s 24(b) but this will be beneficial when your wife is also having any taxable income.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2010 You mean to say that we both can avail the benefit of Rs.121K from our respective income.; I am correct?

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)

23 June 2010 yes you both can take the benefit individually.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2010 Thanks a lot Shudhanshu

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