An individual has taken home loan and received possession in 2013-14 jointly (both property and the loan) along with his spouse. He wants that the entire interest for the year 2013-14 be claimed by his wife and from the following year the interest is claimed in 50:50 ratio by both. EMIs for the loan are repaid from the individual's account to which his wife transfers some amount from her bank account to his account. Can this be done ??
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Interest benefit on jointly owned property
Replies (2)
If they are joint owners then they have to claim the interest expenses.
my question is can they change the ratio?
this year wife wants to claim all the interest as her income is stepping into higher slab.
and in coming years they want to claim it 50:50.
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