Home Forum Income Tax Month 10 2011 2011 (10) This
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TAX EXEMPTION ON HOUSING LOAN - Income TaxExtract My friend has built a house wherein the house property is in the name of his wife (house wife). He has taken housing loan from bank for which he is co-obligant (first obligant - wife and second obligant himself.) He is getting I.T. exemption for the last 3 years, but his employer is objecting to show the proof where such rule is existing. Please clarify the rule position. Since his wife has no other income being house wife and the responsibility lies with him to repay the housing loan, he is getting the I.T. exemption. Please clarify.
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