Tax Rule for Joint Property but Single Loam

I am planning to purchased a flat jointly with my wife with 50% ownership each. I will take single loan because my wife is not working and I will pay entire EMI from my salary.

Approximate interest paid per annum will be approximately 3 lac.

Q1.  Will I get 2 lac interest deduction from my gross salary or I will get 50% i.e. 1 lac interest deduction?

Q2.Can I show 100% principal in 80c? or it will be 50% of total principal paid?

Replies (1)
Ans 1. yes, u will get 2 Lach deduction u/s 23b.

ans.2 yes u can show 100% deduction u/s 80c Max to 1.5 lakh

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