I have taken house loan from a nationalised Bank for a total amount of Rs.24 lakhs in year 2011 for 12 years period. The house is a joint property - my wife and me. My wife is not an employee and so does not file returns and so never claimed tax rebate. I am a salaried employee. Since year 2011, I am claiming income tax rebate upto Rs. 150,000 on interest paid although the interest that I paid was is more than Rs.150,000. However, I came to know very recently that since loan amount is Rs.24 lakhs, I can claim rebate on interest paid upto Rs.250,000.
Please inform:
1. Whether what I heard is correct?
2. If yes, how can I claim upto this limit for previous years starting from FY 2011-12?
3. Or is this only for FY 2013-14?
CAclubindia
