Income tax

Dear Sir,

I have two houses, both jointly with my wife with equal share, one is self occupied and another is let out. During the year 2013-14 I have paid Rs. 70,042/- as principal and Rs. 1,81,958/- as interest for self occupied property. And I  have paid Rs. 1,22,032/- as principal and Rs. 2,82,298/- as interest for rented property. I have received as rent Rs.1,43,000/- and I have paid Rs. 16,500/- as brokerage and Rs. 5,300/- as maintenance charges for rented property and nothing is paid for self occupied property. 

Pl. let me know what will be the eligible amount of deduction against principal amount as well against interest amount individually for me and for my wife for both the houses, she is also working woman.

An early reply in this regard will be highly appreciated.

Thanks & Regards

Bharat

 

Replies (3)

Since both, you and your wife, are joint owners of both the properties, both shall be eligible to claim deduction for principal as well as interest on home loan in your ITR.

For self-occupied property, interest upto Rs. 150,000/- can be claimed, and for let out property, actual interest paid can be claim.

We both can claim deduction for both the houses or any one of them

both of you can claim for both the houses

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