Query on Income tax

1074 views 4 replies

Dear Sir / Madam,

Me & my wife have jointly taken a housing loan & have been showing the 1.5 lakh allowable housing loan interest on both our incomes.

In the same on my income, I show a deduction of 1.50 lakhs & she shows a deduction of 1.50 lakhs on her gross income. Saying that, the cumulative interest paid to the bank is above 3.0 lakhs.

We have been doing this for the last 2 years as advised by our auditor BUt suddenly this doubt of whether both of us can show this deduction was raised by a banker, whom we had approached for a home loan take over.

Can someone clarify the law, pls.

Regards,

Rajesh

Replies (4)

Sir,

If you have taken Home Loan in Joint Name and the proportion if loan if 50:50, then you would have submitted Form 12C with Income Tax Department, either personally or thru bank. This form clearly states the proportion of deduction you & your wife will claim u/s 24 & 80C.

Thus if this is the case, you both can claim deduction under above sections.

Yes, if the House Property (SOP) is owned by more than one person, all co-owners can claim interest u/s.24 (b) in respect of their share of interest payable on joint home loan taken by them subject to limit of Rs.150000/- for each co-owner.

Originally posted by :Abhinav Agarwal
" Sir,
If you have taken Home Loan in Joint Name and the proportion if loan if 50:50, then you would have submitted Form 12C with Income Tax Department, either personally or thru bank. This form clearly states the proportion of deduction you & your wife will claim u/s 24 & 80C.
Thus if this is the case, you both can claim deduction under above sections.
"


 

Dear Sirs,

Many thanks for the clarification. I had been out of town & had limited access to internet, hence this delayed message.

Thanks again.

Rajesh

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
06 July 2026
C.A./CA Inter OR pursuing C.A./GST/Accounts/Audit/IT - Head

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details