Can I claim taxation rebate on joint home loan if my salary is 15000 per month / per anum 180000 lakh and my mother pension is 8500 per month / per anum 102000.
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I don’t see why you want to claim deduction if your annual income is 1.8 Lakh as its below Basic Exemption Limit.
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In many of the sections of Income Tax Act, with regards to claiming exemptions, First Holder in Joint Holding is considered to be eligible for Full Exemption in his name and none in the Latter.
So you can either claim the full exemption in the First Holder’s name or you can claim exemption proportionally by contribution of each Holders.
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And if the property has two owners and home loan taken by a single individual then both owners can claim rebate individually or still in this condition the rebate divide proportionally?
Deduction at full will be eligible for the Individual who takes full loan and no deduction for the joint holder who didn’t availed any loan.
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