Mr X and Mrs. X has taken loan based on their income (50:50). They paid 2 lac & 2 lac towards the pr

Mr X and Mrs. X has taken loan based on their income (50:50). They paid 2 lac & 2 lac towards the principal & Interest respectively. i) Find rebate for Mr. X towards Principal ii) Find rebate for Mrs. X towards Principal iii) Find rebate for Mr. X towards Interest iv) Find rebate for Mrs X towards Interest Ans : 1. 100000, 2. 100000, 3. 100000, 4. 100000 Explanation : The maximum tax deduction allowed under Section 80C towards Principal is Rs. 1,50,000 for each joint owners The maximum tax deduction allowed under Section 24 towards Interest is Rs. 2 Lakhs for each joint owners 1. Mr. X has paid Rs. 100000/- (200000*50/100) towards Principle. So, he can claim rebate for Rs.100000/- 2. Mrs. X has paid Rs. 100000/- (200000*50/100) towards Principle. So, she can claim rebate for Rs.100000/- towards Principal 1. Mr. X has paid Rs. 100000/- (200000*50/100) towards Interest. So, he can claim rebate for Rs.100000/- 2. Mrs. X has paid Rs. 100000/- (200000*50/100) towards Interest. So, she can claim rebate for Rs.100000/- towards Principal Each applicant and co-applicant can separately claim a maximum tax deduction of Rs. 1.50 lakh per annum for principal repayment under Section 80C and Rs. 2 lakh per annum for interest payment, under Section 24. However, the total tax benefit by all joint owners cannot exceed the total principal repayment and interest payment during the year. But the following conditions must be met. You must be a co-owner in the property– To be able to claim tax benefits for a home loan, you must be an owner in the property. Many a times, a loan is taken jointly, but the borrower is not an owner as per the property documents. In such a case you may not be able to claim tax benefits. You must be a co-borrower for the loan –Besides being an owner, you must also be an applicant as per the loan documents. Owners who are not borrowers and do not contribute to the EMI shall be devoid of the tax benefits.

 

Toward principal 75000-75000Towards interest 100000-100000

 

Toward intrst 75000-75000Toward principle 50000-50000Acc to new slabs int-75000,75000Principle-100000,100000

 

Toward interested 1lakh one lakhToward principal 75 k 75 k

 

Maximum limit for rebate has changed 20000 from 15000

 

Mr X and Mrs. X has taken loan based on their income (50:50). They paid 2 lac ; 2 lac towards the principal ; Interest respectively.i) Find rebate for Mr. X towards Principalii) Find rebate for Mrs. X towards Principaliii) Find rebate for Mr. X towards Interestiv) Find rebate for Mrs X towards InterestAns : 1. 100000, 2. 100000, 3. 100000, 4. 100000Explanation :The maximum tax deduction allowed under Section 80C towards Principal is Rs. 1,50,000 for each joint ownersThe maximum tax deduction allowed under Section 24 towards Interest is Rs. 2 Lakhs for each joint owners1. Mr. X has paid Rs. 100000/- (200000*50/100) towards Principle.So, he can claim rebate for Rs.100000/-2. Mrs. X has paid Rs. 100000/- (200000*50/100) towards Principle.So, she can claim rebate for Rs.100000/- towards Principal1. Mr. X has paid Rs. 100000/- (200000*50/100) towards Interest.So, he can claim rebate for Rs.100000/-2. Mrs. X has paid Rs. 100000/- (200000*50/100) towards Interest.So, she can claim rebate for Rs.100000/- towards PrincipalEach applicant and co-applicant can separately claim a maximum tax deduction of Rs. 1.50 lakh per annum for principal repayment under Section 80C and Rs. 2 lakh per annum for interest payment, under Section 24. However, the total tax benefit by all joint owners cannot exceed the total principal repayment and interest payment during the year.But the following conditions must be met.You must be a co-owner in the property– To be able to claim tax benefits for a home loan, you must be an owner in the property. Many a times, a loan is taken jointly, but the borrower is not an owner as per the property documents. In such a case you may not be able to claim tax benefits.You must be a co-borrower for the loan –Besides being an owner, you must also be an applicant as per the loan documents. Owners who are not borrowers and do not contribute to the EMI shall be devoid of the tax benefits.

 

Sir if both Mr x and Mrs x are claiming 1 lakh each twds principal then it is crossing the limit of 1.5 lakh...... kindly clarify it..

 

Read again utkal g each applicant can separately claim a max. Deduction of rs. 1.50 lakh