I took 1st homeloan (single holder) of 20L in 2010 and paying emi of 21k till date. I am claiming the interest and principal for tax benefit. Me and my wife took 2nd homeloan (Joint holder) again, of 28L in 2015, for which she pays emi of 26k. She also claim interest and principal for tax benefit. Now, i am thinking of closing my single homeloan account i.e 20L. So, my question is , in this scenario, can me and my wife both can avail tax benefit on 2nd homeloan of 28L, such as 50% of total interest is claimed by me and rest 50% is claimed by my wife. Same for principal amount.
Yes, you both can claim the deduction of interest ONLY in proportionate to the % of house ownership. Do remember that, this house is considered as second property. Hence, taxation of second property will come into picture. You can claim interest for deduction. However, you have to show the Income from House Property (even though it is vacant). If you are not sure of how to claim, then take the help fo expert while filing IT return.