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Can couples avail tax benefits together? Property Hotline
Posted
August 12, 2016
Views
191
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August 12, 2016
191
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4:10Now PlayingExpert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd?.
Question: My wife and I bought a home worth Rs53 lakhs. We took a home loan of Rs27 lakhs for the same. The home is registered in both me and my wife's name. We both are working. What are the tax benefits we both can avail together on the loan?
Answer: As the home loan is on joint names, you both can claim a deduction for the principal and interest amount (as per your ownership of the property) as follows –
Principal - Under section 80C of the IT Act subject to the overall limit of Rs1.5 lakhs - for each of you
Interest - Under sec 24(b) you can claim the benefit for the interest paid up to Rs2 lakhs- for each of you
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