What are the implications in Income Tax in a case where a house is jointly held by both the spouses?
The self-occupied house owned jointly by husband and wife is exempt from tax. When the house is given on rent, the rent received can be apportioned exactly as per their share in the house property. In case you have availed of a Housing loan then the amount of interest paid can be claimed in the ratio of the loan taken by both the spouses The installment paid is eligible for rebate, and can be claimed by you & your wife in her income tax returns.
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