POSTED BY April 13, 2012 11:51 am ONE COMMENTON
My questions are very basic.
1) I and my wife are planning to take a joint home loan, where my wife is currently not working. But she may start off in 4 to 5 months. I am making sure, my wife will be co-owner and co-borrower, so that she can utilize the tax benefits in future.
Can we take a joint home loan in this situation?
2) In joint loan, if we are paying an interest of 3 Lakh rupees per year, with a ratio of 50%-50% in the loan amount.
can we claim the tax benefit under section-24 for an amount of 1.5 Lakhs each?
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One reply on this article “Regd Joint Home Loan”
Dear Kiran, no matter your wife is working or not, you may (& you should) bring your wife as co-owner & co-borrower for the property & home loan. Yes for that 3L Rs. combined interest outgo, both of you ‘ll be eligible for 1.5L Rs. individual limit for a self occupied house.