Deduction of interest on home loan

Tax planning 210 views 2 replies

Hey,

If a couple (Husband-Wife) bought a house and they are Co-owner of house in ratio of 60:40. Both are earning person. wife took a home loan on its own name from bank. (Not a joint loan).

So whether both of they are eligible deduction u/s 24b and 80C or only wife.

if Both then in which ratio?????????????

Is it mandatory to be a Co-borrower???? 

Replies (2)

Home loan is given jointly even if property is not jointly owned. Here property is joint property, so wife alone would not have taken loan without co-borrower. If it is a real scenario, kindly check once again.

 

https://www.incometaxindia.gov.in/tutorials/income-from-house-property-practical.pdf  pg 19  

 

BOTH ARE ELIGIBLE

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