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Tax exemption jointly of Housing Loan.
We have purchased a new flat availing housing loan jointly. The property is also registered jointly in my and my wife's name. I have repaid a part of the Housing Loan out of my retirement benefits last year. The EMI is from my wife's SB Account to which I am transferring money out of my Superannuation pension every month for EMI. Can we claim tax exemption jointly. If so under which provision of IT rules please. Thanks
Replies (1)
You have not mentioned whether your Wife has taxable income or not. in case your Wife has no taxable income and your income is being used for repayment of Loan entirely then only you can claim the exemption. The fact that you are using your wife's savings account does not entitle her to claim tax exemptions. In case your Wife has Own source of income then both of you can claim the exemption equally.
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