12 February 2010
"both , husband n wife are joint owner as well as co burrower kindly clarify whether both can claim 1.5 lakh interest and rebate on principal seperately or total 1.5 including both. total tinterest paid is approx 3.0 lakh.pl ex
12 February 2010
Yes, both of them can claim separate deduction u/s 24(b) for Interest amount(u/s 26 co-owner), i.e., upto maximum limit Rs. 1.5 lakh and same for Principal amount u/s 80CCC.
Please note: If actual interst amount paid is LESS THAN Rs. 1.5 lakh then deduction will be available for actual amount and both person would divided that interest amount into their property holding share for deduction purpose.
CAclubindia
