Dear All, I have a housing loan from PNB bank of India .Which I took in 2007. The property is on name of 3 persons, My Father, Myself and My Wife. The loan repayment is given by my wife from her personal Salray account. Income tax deduction is taken in ITR by both of us i.e. myself and my wife as per my CA as the property is on name of all so deduction is to be taken by all as per Income tax rule. As my father has only Pension as source of income and don't contribute in Installment so he did not took any deduction in ITR. My question is :- can my wife alone can take the deduction now onward if she continue to pay the EMI from her salary account even if the property is on 3 persons name and earlier deductions in ITR was taken by 2 owners i.e. my self and my wife. Please clarify with some example or data from earlier ITR official rules so that I can ask my CA to act accordingly.
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Housing loan - itr
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It would depend upon the volume of income in the hands of each assessee.
If your wife is having a higher income than you, then you can take a small share of say 15% and remaining 85%wife can avail. this shud be by mutual co consent of eac other and shud be documented by way of an agreement to produce before tax authorities
If your wife is having a higher income than you, then you can take a small share of say 15% and remaining 85%wife can avail. this shud be by mutual co consent of eac other and shud be documented by way of an agreement to produce before tax authorities
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