Dear Sir
I pay Housing Loan Installment of Rs 10000/- monthly and installment deducts in my bank account.
Both mine and wife's name are there in this loan . so can we both take its deduction in income tax
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Regarding deduction of Housing Loan
Replies (4)
Quick Summary
Yes if the loan is joint holder then we can take deduction
Both can take deduction but deduction is not 2 times .
It's available in proportion of their ownership
It's available in proportion of their ownership
Both should have name in property agreement. Both can take benefit of the loan repayment in the proportion of ownership mentioned in the agreement.
If the proportion of ownership is not mentioned in the agreement them by default both have 50% ownership
If the proportion of ownership is not mentioned in the agreement them by default both have 50% ownership
Yes..You may claim 50% each
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