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Home loan benefit issue

Tax planning 835 views 1 replies

Divakar

Engineer

28 Points Joined May 2010

Dear Expert,

we are both of working. I have taken home loan jointly with my wife before she was wokring and i am alone taking home loan benifit from day one of loan start.

Now she is working so we have taken home loan jointly in another city for my parents stay purpose. This home loan main applicant is she only and repayment also happen from her income only.

So can she will take able to take full income tax benifit from current year along with Principal and Intrest portion.

Regards,

Dev

Replies (1)

Yes, Mr Divakar you are right that your wife can avail full tax benefit from income tax reharding interest and principle repayment of house loan. Main crietiea is to avail exemption of home loan is that you should be owner of home and pay loan amount form own income.

She is satisfying both conditions, so she can avail benefit of interest on home loan under income from house property and repayments of principle amounts under section 80c.