HI,
I hold a joint home loan where myself and my wife are both co-applicants and co-borrowers.
I pay above 1 lac towards Principal and around 3 lac towards interest.
So in this case can I declare 50,000 as principal and 1.5 lac towards interest and my wife also declare the same?
Because as per 80C we get the max tax benefit only upto 1 lac which covers PF, Home Loan, Insurance premium etc. and which crosses easily for me where as my wife gets only 40,000 tax benefit under 80c.
So My thinking as below:
Husband:
PF – 49,000
Insurance premium – 25,000
Home Loan Principal – 50,000
Home Loan Interest 1,50,000
Wife:
PF – 30,000
Insurance Premium – 10,000
Home Loan Principal – 50,000
Home Loan Interest 1,50,000
In this case we both can get 1 lac coverage.
Please share your thoughts.
And apart of Home Loan Principal of 1 Lac and 1,50,000 each, where else we can save the tax. I can give the detailed salary structure.