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Kumar...... (occupation )     12 January 2016

Clarification on house loan

I and my wife jointly own a house, she is not working and the loan is in her name and i am gaurantoor. every month i am paying the EMI, how can i claim the EMI in income tax declaration ?


 2 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     12 January 2016

Under the provisions of Section 80C the amount of EMI pertaining to the payment of principal for acquiring the house is allowable within the overall limit of Rs 1,00,000

Ms.Usha Kapoor (CEO)     30 August 2016

Since as  per the facts I deduce that   your wife alone is the principal borrower and the house stands in  her name and you are a mere  guarantor youer liability is coextensive with that  of the principal borower and if she commitrs defaults you as surity will have to pay principal s well as interesr. Under section 24 Of IT ACt she as rthe owner can claim benefit of interest inxome up to Rs/ 2 lakhs and  under section 80 C she can claim deductionof principal to the  extent of Rs. 1.5 lakh AND  AS PER RECENTLY INTROODUCED SECTION 80 EE SHE  IS ENTITLED TO CLAIM an additional  sumof Rs. 50,000 if  she meets the conditions or eligibility criteria of section 80 EE.

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