I, a lady tax payer, have availed a Housing Loan from my employer in 2003.
This is a self-occupied by me & my husband. I am getting the Principal & Interest rebates in my ITR.
In 2011, as a co-owner & joint-owner, I have purchased – our adjacent flat along with my husband(Principal Applicant) – which is also self-occupied by my family & kids.
Myself & my husband have equal (50-50) stakes in this Housing Loan.
The EMI is being paid by my husband for his staff loan – from his salary; the balance – we both pay out as EMIs from our Joint bank account.
My husband is claiming interest/principal rebates under his ITR.
My question is – how do I treat – my portion of the second home, in my ITR?
The EMI-Interest outgo is HIGHER in my joint-loan.
What are the nuances and care to be taken, while filing the ITR?
Thanks in advance.