With regard to income from house property I have two queries:
1) A home loan is taken jointly by husband and wife and both are co-owners - however they are paying different installments. What would be the interest and principal deduction for each - It the following acceptable as per income tax
a) Interest divided equally between husband and wife
b) Principal = Total Repayment by husband or wife as per actual - Interest
2) An individual has availed two home loans for the same property - the first one for Rs. 6.00 lakhs and the second one for Rs. 2.00 lakhs within a gap of one year. Therefore should we consider the first loan as home loan with relevant benefits and the second loan as extension loan and only allow interest benefits upto Rs. 30,000/-
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