Hi All, I have taken a joint housing loan with my wife and EMIs would be taken only from account through ECS. I would like to know the below as to how both can claim TAX exemtpions under section 80 C (for principal) and section 24 (for interest).
1) Documents that need to submitted to claim tax deduction in the company.Can both use the same doc and claim in TCS .
2) Is the amount of 1.5 Lakh under section 24 a total for both or each can claim 1.5 lacs individually.
3) Does the other co-owner need to produce any doc to show she is also contributing to the EMI. Do we need to submit any affidavit or doc notarized
CAclubindia
