Me and My husband have taken a home loan last year. It was a joint loan on a property. EMI is paid from my husband’s salary account. Can I take tax benefits for it even though I am not contributing to paying EMI. The interest statement has names of both of us.
Rashmi, Delhi
Yes, wife can also claim the deduction u/s 24 of the I T Act because the deduction u/s 24 is on due basis and not on the basis of actual payment . Therefore, husband and wife can both claim tax benefit by deduction of half of interest embedded in EMI (50% each )despite not paying the EMI, only if following conditions are satisfied. 1. The Wife is also joint owner of the house property. 2. Wife is also joint loan applicant. 3. Husband shows that the share of EMI which he is paying is actually loan to
About taxworry
Hi,
Me and my wife have a joint home loan account. Could you please provide me with a solutions how do I file tax all for myself as she does’t file that amount. Please suggest. Request to please yoru valuable comments to my mail id prasad.bvvs@gmail.com.
Regards
Prasad
I had taken a home loan in early 2009 from HDFC Limited. I am yet to take possession of the property. It is estimated to be offered for possession in June 2010. However, the finance team in my company refused to accept my Home Loan statement saying that I am not eligible to claim any IT rebates until the property is occupied by me. I have been paying EMIs for the last 10 months to the financier.
As per the new IT rules, am I entitled to claim the money I have paid so far in the next financial year as pre-emi interest or principal?