Home loan joint name- repayment and interst - treatment

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  1. V S Jayaraman

    V S Jayaraman New Member

    Dear Sirs,

    I already have a house in my name( given for rent and no loan outstanding) and a house in my wife's name( no loan outstanding). The house in my wife's name we are residing. There is another house which is in our joint name and is given for rent. Loan is taken in joint name.The loan is Rs 40 lacs ( 10 year tenure) and 50% is out standing. The capital loan repayment is more than 3 lacs/annum and is paid from my account. There was no need until recently to claim this for income tax purpose because we had other investments. Now I am retired and I want to use this repayment of capital both for my self and my wife.
    May we use 1.5 lacs each in which case the interest paid how do we claim exemption. So far I have been claiming the full interest since this house/flat is given for rent.


    Thanks,
    Best regards,
    vs jayaraman
     
    Last edited: Nov 29, 2014
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