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TMI BlogDeduction of home loan in joint NameX X X X Extracts X X X X X X X X Extracts X X X X ..... Deduction of home loan in joint Name X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 lac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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) Fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total EMI paid i.e. in the form of loan to wife. Thanks Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view full deduction to husband only who is actually paying the EMI. If the EMI is paid j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ointly both by the husband and wife equally then the deduction is proportionate to both the wife and the husband. Reply By YAGAY and SUN: The Reply: We endorse the view of the expert in this matter. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... X X X X Extracts X X X X X X X X Extracts X X X X
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