Hi team
We took a home loan jointly for a huge amount. However, the apartment construction is still in progress and handover is after 3 years.
But we have started payment of emi's from this month onwards.
How to claim tax deduction for principal and interest payment under which sections?
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Home Loan Income Tax queries
Replies (3)
Quick Summary
You cannot claim it before possession. can be claimed from the year of possession.
interest paid now can be claimed for 5 years after possession.
interest paid now can be claimed for 5 years after possession.
When you take a joint home loan, both co-borrowers can individually claim tax benefits for the principal and interest repayments, subject to certain conditions. Here's a general overview based on the provisions in India:
Tax Deduction for Principal Repayment:
Under Section 80C of the Income Tax Act, you can claim a deduction for the principal repayment on a home loan. The maximum limit for this deduction is ₹1.5 lakh per financial year. Here are some key points:
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Joint Loan: Both co-borrowers can claim a deduction for the principal repayment individually, up to the specified limit.
For further more detailed information on this topic visit: Home Loan Interest Deduction: Under Section 80EE
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There are different criteria for home loan and other loans.
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