My mother and father both have jointly availed a home loan and they both are co-owners of the home.
Both my parents are salaried and their salaries come in different bank accounts although both accounts are joint.
My question is if the entire EMI is deducted from the account which is linked with my fathers salary (mother is joint account holder too) can my mother (even if her salary gets deposited in another account) also avail Tax deduction under Section 24.i.e can they both separately avail 2 lac relief in tax.
Or will they have to split The EMI to do so.
If yes how will this EMI be split.
Will my mother sign cheque to the loan provider or will she deposit her share of EMI in my father's account every month?(How does this work : It was suggested by our loan provider)
The loan is from DHFL and they said that would be deducting EMI from one account only as earlier we had thought of splitting EMI into two accounts.
I would be highly grateful for a quick reply.
1 Answers
Hi,
Yes, even your mother along with your father can avail tax rebate u/s 24.
Both of then can claim up to Rs 2 Lakh each u/s 24 and up to Rs 1.5 Lakh u/s 80c (principal repayment).
Generally the split is based on the ownership share in the property, if nothing has been mentioned in the Sale Deed then by default it is assumed as 50:50.
There is no need to specifically deposit money into your father's salary account by your mother.
But, if they want to keep it neat and clean (transactions), every month your mother can deposit 50% share of EMI in your father's account (assuming equal ownership). The issue would be, EMI amount may vary frequently.
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