Home Loan Deduction for Joint Loan by Husband & Wife

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  1. DIAS ED

    DIAS ED New Member

    Sir,
    Myself and my wife are employed and income tax payers. We are the co-owners and co-applicants of a housing loan. The principal and interest paid back with respect to this loan till 12/02/2015 is Rs.65000/- and Rs.225000/- respectively. The EMI is paid from our joint account. Can I claim 200000/- as deduction under section 24 and 50000/- under section 80C and my wife can claim the remaining amounts for her?
    If so what is the procedure?
     
  2. Amit Sahni

    Amit Sahni Active Member

    Ideally, as you both are co-owners and co-applicants - you shd be claiming the deduction equally.

    Moreover, as you are repaying the loan in equal proportions - equal deduction should be allowed to both of you.
     
  3. DIAS ED

    DIAS ED New Member

    Thank you.
    May I request a clarification?
    Can I get a written letter in white paper from my wife saying that 90% of the installments (EMI) was contributed by me and She has paid only 10% of the joint account.
     
    Last edited: Feb 13, 2015
  4. Amit Sahni

    Amit Sahni Active Member

    In such cases where their are joint owners and joint co-borrowers, deduction is allowed in the ratio in which the loan is being repaid.

    So if you are paying 90% of the loan - you can claim deduction for the same. Moreover, this ratio of deduction would be required to be continued throughout the entire period of the loan.

    You cant keep changing the ratio every year just to suit your needs.
     
  5. DIAS ED

    DIAS ED New Member

    Thanks a lot sir
     
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