TAX EXEMPTION ON HOUSING LOAN

CHANDRASHEKAR (Querist) 05 June 2011 This query is : Resolved
I Have purchased house in my name in Mumbai and loan is in joint name of me and my wife in 0ct 2010.

Total interest i can claim for tax exemption maximum is Rs 150000/- though i will be paying tax more than 500000/- during the year.

Can my wife too claim tax exemption of Rs 150000/- basis the same loan mentioned above.

We have received provisional letter from the bank for claiming tax exemption and both are names are mentioned on the letter since it is a joint loan.

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soumitra basu (Expert) 29 June 2011
You and your wife should claim interest on loan debited by the bank in equal instalment.

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