Home loan deduction
3 years ago
I have bought my first house with my husband (50:50) in Nov 2020 with home loan. We are paying approx 3 lakh as interest and 40000 as principal annually.
I want to know how can we get maximum deduction for interest paid while filing ITR.
A.Dear sir,
You cannot do so.
You cannot do so.
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A.Hi,
If you have taken home loan jointly, then you both can claim a deduction on interest up to Rs 2 lakh each and principal repayment u/s 80C up to Rs 1.5 lakh each in their individual tax returns.
If you have taken home loan jointly, then you both can claim a deduction on interest up to Rs 2 lakh each and principal repayment u/s 80C up to Rs 1.5 lakh each in their individual tax returns.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.HI,
If the loan is taken jointly, then each of the loan holders can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment u/s 80C up to Rs 1.5 lakh each in their individual tax returns.
If the loan is taken jointly, then each of the loan holders can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment u/s 80C up to Rs 1.5 lakh each in their individual tax returns.
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