housing loan interest of co owned property

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  1. t k haridas

    t k haridas New Member

    Both my wife and me had jointly taken a housing loan because we owned the property jointly. My wife is unemployed and is not having any income .The EMI is solely deducted from my salary account thru ecs.Iwould like to know whether the interest paid(below Rs 1,50,000/-)is fully exempted for me or I am eligible for half of the interest paid?

    VAIBHAV DILIP RANE Active Member

    Since Property is in Joint Names, the benefits from it can be claim jointly under Income Tax Laws.

    But since your Wife is not claiming any benefits, you can claim 100% benefits in your Income Tax Returns.

    * Not Only Interest, but you can also claim Principal Portion of Loan Repaid under Section 80C of the Act.
  3. t k haridas

    t k haridas New Member

    Is there any other opinion in this matter .My office is not agreeing for full exemption of the interest part though I am ready to give an undertaking that my wife is not claiming any tax relief in this matter. Mr Vaibhav will you please guide me some more?

    VAIBHAV DILIP RANE Active Member


    If your office people are not allowing than,

    1) You can take a NOC or Written Statement from your wife stating that she has no income and not claiming any Deductions and not filing ITR thereon. Thus her husband can claim full deductions from it. You can submit the same in your office.

    And if your office still not allow, than let it be

    2) While filing your Income Tax Return you claim full benefit of it, and w.r.t. Total Taxable Income if TDS is excess deducted than you can claim Refund of it from ITD.
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