Hone Loan Tax Benfit in case of wife as joint onwer

if no share is mentioned then its 50-50%. ur employer is right so u can't convince ur employer but u have to be convinced. 

But Sir

What about the TAX benefit whether only 50% is given to me or I can claim 100% as my wife is housewife and no income source. Is there any way around to get full 100% benefit as the EMI gets paid from sole salary of mine.

Can we make an afedevit for such thing.

Regards

Gurudatt Kulkarni

Hi,

As u said that your wife is not earning and not filing her income tax return, in that case u can take her NOC that she is not claming the examption u/s 24, then u can claim 100% benefit. 

PLEASE ASK YOUR QUARIES TO TAX GURU LAKHTIYAJI THROUGH CNBC AWAJ CHANNEL

I AM OF THE OPINION THAT  YOU CAN CLAIM 100 % TAX BENIFIT , IT DOES NOT MATTER  WHETHER PROPERTY IS IN JOINT NAME OR NOT.

MAJITHIA

Dear Mr Kulkarni,

Your employer is wrong. If your wife was working you would have got a tax benefit upto Rs. 150000 + 150000 on Interest under section 24 and Rs. 100000+ 100000 on principal under section 80C. (Total Rs. 300000/- on interest and Rs. 200000/- on principal). Since your are single service group your total benefits are already half at Rs. 150000/- and Rs. 100000/-. Only thing you have to do is that give in writing that you only are paying the complete loan. You can have a Loan share agreement with your wife. 

When entire loan repayment is made through your income sources u can claim 100% deduction. It is beeter to create a affidavit which ensure that your wife is not claiming deduction u/s 24 and submit it to your employer and also before ITO authority. U may apply to obtain certificate from concerned from concerned ITO by filing the affidavit if such authority is needed

Hi,

I think the point is not being clarified properly.

@Kulkarni. If you are the single payee of the loan, you just have to give an affidavit that you are payong 100% loan. the quetion of 75000 does not arise at all. It is up to 150000 per person co-owning the flat. If actual interest is less then lesser amount is exempted. It is simple. The benfit is more in case of 2 or 3 co owners. I have also taken property in joint name with wife (as per reegistered document 50-50). But weI am payning back in the ratio of 70:30 in proportion to our income. The rebate also we are getting in ratio of 70:30 with a ceiling of 150000 (interest) for each of us. I have made a loan share agreement with my wife.