Deduction of 80C
This query is : Resolved
12 November 2009
Pls help. I have a query regarding deduction allowed for repayment of principal amount of housing Loan.
If house is in name of Mrs. X and loan is taken in the joint name of Mr. & Mrs. X.
Than who is eligible to claim deduction u/s-24 and u/s 80C?????
If house is in name of Mrs. X and loan is taken in the joint name of Mr. & Mrs. X.
Than who is eligible to claim deduction u/s-24 and u/s 80C?????
12 November 2009
Only Mrs. X. as to claim the deduction for both principan and interest, you must be the owner of the property and obviously be the borrower also ( may be co owner or co borrower)
12 November 2009
Sir can u pls suport the above statment with section.
thnx for ur reply.
thnx for ur reply.
12 November 2009
as per sec. 24(b) & 80C, deduction for repayment of housing loan is allowed only to legal owner of the property.
As in your case Mrs. X has legal ownership then only Mrs. X can claim the deduction part.
As in your case Mrs. X has legal ownership then only Mrs. X can claim the deduction part.
12 November 2009
Thnx Sir.
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