How Do I Apply For Tax exemption?

How can one claim tax exemption on housing loan repayment?

• If self and spouse are joint borrowers then can each avail the full exemption. Can part exemption is allowed e.g. Husband takes the full interest part of loan repayment and part payment of the principal. While remaining part of the principal is availed by wife for tax exemption. Is this allowed and if yes under which rule of income tax?

• Answer:

  Not really. The interest and the Principal split is dependent on the amount paid from your individual pockets and the exemption ration is also the same ideally. The problem is tracked against the loan account and not with respect to who pays how much. The aforementioned is the ideal case. Since you wife is also earning and she is part of the loan, there is no reason why both of you should not claim partly.