surekha sawant (Accountant) (55 Points)
16 April 2012Dear sir,
My query is, If Husband & wife (both are co-applicant & co-owner) have two houses and paying EMI for both house. Can they get deduction benefir for both house?
Suppose for example Home Loan 'A' has principal component of Rs.55,000/- and Interest component is Rs.7,66,000/-
Home Loan 'B' has principal component of Rs.89,000/- and interest Component Rs.1,79,000/- .
In this case what is the tax benefit can availed individually by both husband & wife
Mihir Doshi
(B.Com, CA, CS, LLB)
(2187 Points)
Replied 16 April 2012
Both of them can claim deduction for their respective portion in the house. Out of two, one house will be deemed to be let out while other is self occupied property. You need to calculate and check which house would be more beneficial in terms of tax planning and consider the same either self occupied or deemed to be let out
CAclubindia
