04 February 2011
1. we have joint owner and co-borrower of housing loan but entire EMI is paid by my individual account.(Self occupied) 2. We both are salaried. 3. Can we both claim interest rebate of Rs.1.50Lac each as the total interest paid by us more than Rs.3.00Lac 4. How can we claim principal amount.
05 February 2011
1. we have joint owner and co-borrower of housing loan but entire EMI is paid by my individual account.(Self occupied)
Ans: I request Chandrakanta Bhabhi to share with you. It will be better.
3. Can we both claim interest rebate of Rs.1.50Lac each as the total interest paid by us more than Rs.3.00Lac Ans : Yes. 4. How can we claim principal amount. You & your co-owner, co-borrower spouse can claim interest as well as principal. Half of the amount paid by you should be, treated as loan to wife (as if amt paid on behalf of her -50% share) and she will pay it back to you. Suppose Rs 1.00 has been paid by you, you take officially a cheque of Rs 50000/ from her.
05 February 2011
principal amount will be available only for the payer as the payment is the base for availability of deduction. however, the property is self occupied and the borrowers are both parties. hence, interest can be claimed by both the co-borrowers.
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