Hi Sreekanth,
I have recently purchased a flat and it is a joint property (My wife is a co-owner). The loan is also a joint account and my wife is a co-borrower. However, being a house wife, she can not pay any EMI and the whole EMI is payable by me. Now,can I claim the IT rebate on interest of Home Loan till 4 lakhs or I can claim only upto 2 lakhs as an individual. From your website, it so appeared that we can claim the entire amount up to 4 lakhs, but I am not sure.
Request you to clarify.
1 Answers
Hi,
Yes, you can claim the tax benefits of up to Rs 2 Lakh.
Actually, both of you can claim Rs 4 lakh (max) provided she is also a tax assessee. As she is a home maker, you can claim 100% of EMIs subject to the max limit of Rs 2 lakh.
Kindly read :
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
https://www.relakhs.com/income-tax-deductions-list-fy-2018-19/
https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/
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