Sec 24 and 80c
This query is : Resolved
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
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
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.
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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