I have taken home loan of 75 lakhs .
my wife is a co applicant ...my wife is the sole owner of the house..
will both of us will be eligible for deduction of interest paid on home loan for 2 lakhs individually
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home loan interest
Replies (8)
To claim interest subsidy the assessee should be co-owner of the house property along with co-applicant of home loan.
sir , I am the main applicant but not co-owner...am I eligible for interest subsidy
No.
thank you sir ..okau
How much limit on interest paid on home loam
As per sec. 24b of IT act, from AY 2018-19, the maximum allowable deduction for interest on house property has been capped at Rs. 200,000 (Rs. 2 lakh only).
This limit of Rs. 2 lakh is applicable to each taxpayer and is the maximum deduction available for interest paid on all properties owned by the taxpayer.
Hi Govind,
You both together can avail home loan tax benefits only when you are your wife are applying for a joint home loan, and the house is on the name of both of you. To avail these tax benefits, there are numbers of criteria and guidelines that both need to follow. You can read the guidelines of joint home loan tax benefits from here.
Sir is there any provision to bifurcate last ten years gradation arrier which received this financial year
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