Double tax benifit on Home Loan?

POSTED BY Sunny ON March 1, 2011 10:31 am COMMENTS (9)

Read somewhere that couple can avail double tax benifit on home loan if both are working.

 

How does that work?

9 replies on this article “Double tax benifit on Home Loan?”

  1. Dominic Prakash says:

    As you are changing the topic please initiate a new question.

  2. Sunny says:

    Thanks guys.

    One more request. Can you direct me to some good site which can give me competitive home loan rates in india.

    Site which doesn’t pimp a particular bank( ex : bankbazaar pimping HDFC)

  3. Dominic Prakash says:

    Yes.

  4. Sunny says:

    Let me understand this.

    If I am paying more than 1lac under 80c and 1.5 lac under 24 , Only the extra money can get exempted from spouses account.

    1. Sunny

      Not sure what you mean by that , but you and your wise can claim the deducations seperately , so if you are paying 75% EMI and your wife is paying 25% , you both can claim your limits fully upto 1 lac (80C) and 1.5 lacs for interest.

      Manish

  5. ashal jauhari says:

    Dear Dominic, Yes the total outgo from the EMI should be 5L Rs. out of which 3L Rs. for interest pay out & 2L Rs. for principal pay out.

    Your understanding is correct.

    Thanks

    Ashal

  6. Dominic Prakash says:

    But if I am not wrong, they have to pay 2 lacs principle and 3 lac interest back to the bank before claiming.

    Isnt?

  7. Sunny

    Yes , You can take home loan with wife , father , brother .

    As far as you both are co-owner of house , paying EMI in same ratio, you both can claim tax beneifits , 1 lac under 80C for principle and 1.5 lacs under 24b for interst .so both of you can claim upto 2.5 lacs seperately , which is 5 lacs total

    Manish

    1. Ram says:

      Manish,

      I think these deductions are available only if the building/flat/home is already constructed. I don’t think these apply to under-construction buildings.

      Regards,
      Ram.

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