Dear Sir, Both myself and my wife are working professionals. Can the both of us independently claim housing tax benefits on 2 separate residential properties bought on joint names? Further if we are not residing in either of them can we plan HRA benefits as well? Thanks.
1 Answers
If you are joint applicants in loan taken, then home loan interest tax benefit can be taken by both of you in same share as installments paid.
if you not residing in any of the houses, whole interest payment is allowed for deduction without any limit of 1.5 lacs. But in this case house rent needs to be shown in income. If house is not given on rent, then a notional rent has to be shown.
If these houses are in different cities than city in which you are employed (or is not at a commutable distance from office), HRA benefit can be taken along with housing loan benefit.
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