I have booked a house in joint name of myself and my wife. We both are working and having PAN card and filing tax return as per the norm every year. I have taken a loan for HBA from Co-optv society of Rs 2,00,000 Lakhs, for which a deduction is made of Rs. 2500/- PM as principal from my salary and the monthly intesrest. I am geting, the loan amount (principal) of Rs 2500 deducted from my salary, in cash from my wife every month.
Q. Can we both claim for tax rebate ? 1. for my wife (for the Principal of Rs 2500/- PM deducted from my salary which she gives in cash) and 2. for myself (for the Interest deducted from my salary for the loan of Rs. 2,00,000)
We have taken rest of the HBA loan from Bank of Baroda in joint names. Here also
Q. Can we claim tax rebate 1. on Pricipal for my wife and 2. on interest for myself.
Next is : Q. 1. How much I can save on School fees for my Children ? Q. 2. Can I save the fees paid to other institutions like for Sangeet Kala Acadmey, Fiitjee Classes, other tutorial classes etc. for the same child ?
