Home Loan Repayment excess paid claim ?

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Accountant
141 Points Posted on 21 February 2020
Sir?
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???
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On 21 February 2020 at 23:12 Report
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Quick Summary
This discussion clarifies whether excess home loan repayments, beyond the regular EMI, can be claimed for tax deductions under Section 80C. It explains that while principal repayment can be claimed, interest deduction is generally for the property owner. However, if the wife is a co-owner and co-borrower, both can claim interest deductions proportionally up to the limit.

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"Do the Right Thing...!!!"
128162 Points Posted on 22 February 2020
No... Home loan deductions available only to Landlord...


In case Your wife is a share holder then she can claim...
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On 22 February 2020 at 12:23
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17269 Points Posted on 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.
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On 22 February 2020 at 16:13
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Accountant
141 Points Posted on 22 February 2020
Thanks sir my dout i extra paid of Rs.100000/- Repayment other then emi payment so I cliam 100000/- in 80C
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On 22 February 2020 at 21:39
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"Do the Right Thing...!!!"
128162 Points Posted on 22 February 2020
Yes... You can claim. But, You can claim As per the limit...
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On 22 February 2020 at 21:42
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Accountant
141 Points Posted on 22 February 2020
Yes than you sir
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On 22 February 2020 at 22:03

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