Mr X and Mrs. X has taken loan based on their income (40:60). They paid 6 lac & 8 lac towards the pr

Mr X and Mrs. X has taken loan based on their income (40:60). They paid 6 lac & 8 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

 

No as per new slab for principle it is 150000 and int 200000

 

So uske liye Pura int paid 240000 h jisme se 150000 ki tax deduct ho Jayega.. individual y can claim 150000 for priciple

 

Bhai 100000 aana chahiye Na ...int benefit 150000 tak h na

 

Guys plz explain in lil detail.... how to calculate

 

Sir g new income tax ke aco Hoga ya..book Vali calculation se

 

1.5 L for principle n 2 for interest ....book me kya h

 

Ans 1. 1.50 lakhs 2. 1.50 lakhs. 3. 2 lakhs. 4. 2 lakhs.

 

For each joint applicant interest rebate is 2lacs and principal rebate is 1.5 lacs

 

Principal amt 6 lakhs.. 40:60. So Mr X paying 2.40 lakhs and Mrs.X paying 3.60 lakhs, Max rebate for principal amt is 1.50 lakhs (each can claim separately.)

 

So Mr. X. can claim 1.50 out of his 2.40 lakhs. Mrs X can claim 1.50 out of her 3.60 lakhs

 

For int claim.. Each can claim 2 lakhs. Total int paid. 8 lakhs. Considering 40/60 ratio.. Mr X paid 3.20 lakhs and mrs X paid 4.80 lakhs, Here max rebate is 2 lakhs only. So both can claim 2 lakhs separately

 

I. 1.5 lacII. 1.5 lacIII. 2 lacIV.2 lacSee translation