Mr X and Mrs. X has taken loan based on their income (75:25). They paid 3 lac & 4 lac towards the pr

Mr X and Mrs. X has taken loan based on their income (75:25). They paid 3 lac & 4 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. 150000, 2. 75000, 3. 200000, 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. 225000/- (300000*75/100) towards Principle. So, he can claim rebate for Rs.150000/- (maximum tax deduction allowed) towards Principal 2. Mrs. X has paid Rs. 75000/- (300000*25/100) towards Principle. So, she can claim rebate for Rs.75000/- towards Principal 3. Mr. X has paid Rs. 300000/- (400000*75/100) towards Interest. So, he can claim rebate for Rs.200000/- (maximum tax deduction allowed) towards Interest 4. Mrs. X has paid Rs. 100000/- (400000*25/100) towards Interest. So, she can claim rebate for Rs.100000/- towards Interest 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.

 

Accrdng to revised slab-for principle mrx-112500,mrs x-37500For int mrx-150000,mrs x-50000

 

Ans : 1. 150000, 2. 75000, 3. 200000, 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. 225000/- (300000*75/100) towards Principle.So, he can claim rebate for Rs.150000/- (maximum tax deduction allowed) towards Principal2. Mrs. X has paid Rs. 75000/- (300000*25/100) towards Principle.So, she can claim rebate for Rs.75000/- towards Principal3. Mr. X has paid Rs. 300000/- (400000*75/100) towards Interest.So, he can claim rebate for Rs.200000/- (maximum tax deduction allowed) towards Interest4. Mrs. X has paid Rs. 100000/- (400000*25/100) towards Interest.So, she can claim rebate for Rs.100000/- towards InterestEach 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.

 

Sir if in questions given that Mr x and Mrs x how much both can claim towards principal... what will be the answer...both are owner the loan.. kindly reply Sir