Home Forum Income Tax Month 7 2018 2018 (7) This
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Deduction of home loan in joint Name - Income TaxExtract Dear All Husband and wife purchased property in joint name with 50:50 share for ₹ 70 lacs. Home loan of ₹ 42 lacs was also availed in Joint names. remaining Consideration was also paid in 50:50 i.e. 14 lacs each total 28 Lacs. After that EMI is being paid from individual account of Husband only. My query is : How to avail deduction under section 24 of Interest and 80C of principal amount paid. a) Full deduction to husband only who is actually paying the EMI. OR b) deduction of interest and principal to be taken equally by both of them and husband will Debit wife account by the amount of 50% of total EMI paid i.e. in the form of loan to wife. Thanks
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