Jigar Thakkar (Accountant) 21 February 2020
Example My one client monthly home emi 25000 paid. So 25000*12 =300000/- So 200000 Interst and 100000 repayment suppos my client extra loan paid 100000 so claim 80C 1.5 L and 50000 80C in wife allowed???
Kapadia Pravin 22 February 2020
Housing Loan EMI is allowed to the extent of the loan used for that specific purpose. What do you mean by Excess Loan paid ??
Further interest deduction is allowed to the owner of the house property. If wife is co-owner in house property and in loan also co-borrower then in that proportion both husband and wife will be allowed interest Deduction in income tax returns upto a max of 2 lakhs to each one.