Repayment of interest and principal of house building loan
This query is : Resolved
Sabita Sahoo
(Querist)
22 March 2018
If the house property is registered in the name of wife and husband and bank loan is taken on joint basis.both husband and wife are service holder.If income of wife is below taxable limit under income tax act then the can the husband claim whole interest amount and principal amount which are repayed to bank from joint loan account as exemption under income tax or on proportion basis?
K Srinivas, CMA CS
(Expert)
23 March 2018
In the absence of any details about the amount of emi contributed by both, the deduction is available only on proportion basis
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