Sec 24 and 80c

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This query is : Resolved

Gourav Sharma (Querist)

16 May 2013 I have a query on claiming deduction u/s 24 and 80C of IT act

Suppose I have taken a housing loan which is on joint name of me and my wife. EMi is being paid by me only but my wife is also earning. My Salary is 35000/month and my wife's salary is 25000/month.
Principal paid udring the year is 125000
and interest paid is 140000.

Questions
1. Can I and my wife both claim an expemtion u/s 24 & 80.
2. if yes, Can I and my wife claim 150k each or that will be subject to maximum of interest due in a year
3. What would be the deduction under sec 24 & 80C for me and my wife

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)

16 May 2013 If house is co-owned by you and your wife and the loan is taken in joint name,

1. Both of you will get deduction of Rs. 1.5 lacs each u/s 24.

2. Both of you can claim deduction u/s 80C

Amount of deduction will be in the ratio of ownership.

If, for e.g, both of you have equal share in house,

Each can claim deduction of Rs. 70,000/- u/s 24 and 62,500/- u/s 80C.

Since EMIs have been entirely paid by you, your wife can transfer her share of principal and interest to your account to stand scrutiny, if any, in future.

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