POSTED BY May 10, 2014 2:41 pm COMMENTS (2)ON
I have taken a joint housing loan with my wife and EMIs would be taken only from account through ECS. I would like to know the below as to how both can claim TAX exemptions under section 80 C (for principal) and section 24 (for interest).
1) Documents that need to submitted to claim tax deduction in the company.Can both use the same doc and claim in the company.
2) Is the amount of 1.5 Lakh under section 24 a total for both or each can claim 1.5 lacs individually.
3) Does the other co-owner need to produce any doc to show she is also contributing to the EMI. Do we need to submit any affidavit or doc notarized