07 February 2009
THERE ARE TWO ASSESSE MR.A AND MRS.A TAKEN A HOUSE PROPERTY JOINTLY.
A LOAN IS ALSO TAKEN FOR THAT HOUSE PROPERTY IN WHICH- MRS.A IS MAIN APPLICANT & MR.A IS CO-APPLICANT
THE INSTALLMENT OF THAT LOAN IS BEING PAID BY MRS.A BANK ACCOUNT.
SO, WHO WILL GET THE DEDUCTION UNDER - SECTION 80C(i.e payment of loan against house property) & - SECTION 24(B)(i.e interest on loan against house proerty)
07 February 2009
Both Mr A and Mrs A are eligible to get Deduction u/s 80C and claim Interest u/s 24
These benefits can be claimed in PROPORTION OF OWNERSHIP Rights
Normally Bank gives Certificate indicating names of both Mr A and Mrs A, if their names appeared in Sale Deed registered. If there is omission, ensure that both names are indicated in the Bank's Certificate
Only point to be taken care of is that, if ever ITO asks, Mrs A should be able to affirm payments are 'borne' by both of them but Cheque is issued from Mrs A's Account only for convenience sake
07 February 2009
The Benefit of Repayment of Loan U/s.80C and Related Interest can be Claimed by Mr.A & Mrs A Subject to their Ratio & Confirmation from Bank/Institution from where the Loan is Obtained.
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