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sushma
(Querist) 02 August 2012
This query is : Resolved
dear sir,
Me and my husband has taken home loan of 5000000(fifty lakh) and EMI is around 50000(fifty thousand).We both want to take benefit of TAX.can you tell me how much minimum EMI I should pay to them(my salary is 40000).Actually I don’t want to give maximum emi but I want maximum tax benefit .so is it ok if I pay 10000 emi from my salry and rest of my husband. my main concerned is can I get full tax benefit of the basis of 10000EMI?.
ajay sethi
(Expert) 02 August 2012
has the flat being purchased in joint names of you and your husband . if both have purchased jointly and both are paying EMi both can proportionately claim benefit in tax retruns .
open a joint account and route all EMI through said account . in alternative some EMi can be paid by you others by your husband
ajay sethi
(Expert) 02 August 2012
The maximum tax deduction available for a single borrower is Rs 1.5 lakh. This deduction would apply to each borrower, taking the total possible deduction to Rs 3 lakh.
sushma
(Querist) 03 August 2012
yes we have taking jointly.my question is if i am giving only 10000 eMI out of 50000 and my husband will give 40000emi.can i get benefit of full 1.5lakh ruppes.or how much i will get benefit on 10000emi given by me.flat loan value is 5000000.
