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Housing Loan

sourabh jain

We have taken a loan For Purchasing a House

House are Purchased With Both Name , ( With My and My Wife Name )

and we Also take a Loan With both name ( my and my Wife Name )

How Much Can we Claim deduction U/S 24 and in Sec. 80C

and For Which Amount we Can Claim Separately in both .

Thanks and Regards

Sourabh Jain

Home loan deduction: joint owners may claim separate interest and principal tax benefits when payment records support allocation. Allocation of interest and principal deductions for a jointly purchased house concerns entitlement under deduction U/S 24 (interest) and Sec. 80C (principal). If EMI payments are debited from different bank accounts in each spouse's name and corresponding statements are produced, each spouse can substantiate and claim their respective share of deductions based on those payment records. (AI Summary)
Income Tax
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Guest on Oct 16, 2014

If the EMI is deducted from different bank accounts then probably you both will get different statements and accordingly you can claim the rebate/deduction

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