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Q. > Please Help: income tax
Mr A taken a house loan on joint account of his & his wife, whther whole payment of interest is allowed as deduction or not ???
1 Answers
answered Dec 30, 2013 by shankygarg , Karnal
Interest payment of Rs. 1.5 lakh each is allowed i.e. a Total of Rs. 3 lakh interest payment can be taken as deduction.
BUT, Remember repayment of loan should be made by both - A & A's wife i.e payment should be made from both parties A/C to avoid any dispute.
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Vinod toshniwal
30-Dec-2013 , 03:00:52 pmAnkurji also seen the names in house registry and remaining payment (total payment - loan payment) is done by both husband & wife with their own accounts
Ankur Gupta
30-Dec-2013 , 03:32:15 pmif the property is in the name of Mr. A & payment made by Mr. A & Mrs A bcoz of loan taken on joint account then whther payment made by Mrs A will be allowed as deduction or not???