Hello,
The info you are proving is indeed very clear and useful for any tax payer. My question is as under.
I have a joint property (Own a house) with my name as a first holder and my wife’s name as a second holder. We are paying total 1.8 lacs towards home loan EMI (rs.15000/- per month). I understand we can claim principal home loan payment amount under section 80C (Maximum up to Rs. 1.5 lacs) and home loan interest amount under section 24B (maximum upto Rs. 2 lacs). My wife is a working woman and files the IT return. Please let me know if I can split home loan IT deduction claim.
For instance, if am paying total Rs. 1.2 lacs towards interest and 60 k towards principal repayment. Can I show 60 k and 60 k respectively in my own and in my wife’s IT return under section 80 C and similarly say Rs. 40 K and 20 K respectively in my own and my wife’s return under section 24 B? Please let me know.
Also please advise how can I save tax on some extra income from other resources except my salary?
Thanks and regards,
jayesh
2 Answers
Dear Jayesh,
Yes, you can split the tax benefits. Both of you can claim the tax deductions in the ratio of 50:50 (default ratio), assuming that both of you are co-borrowers.
The claims can be made based on the ownership ratio given in Sale deed.
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