deductions available from housing loan under IT act

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Srilakshmi (Querist)
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07 December 2007 what deductions are availble if a housing loan has been taken on joint names?
can they avail deduction U/S 24 and SEc 80 separately?

Please clarify
thanks
Srilakshmi

R.V.RAO

R.V.RAO (Expert)
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07 December 2007 YES. BOTH JOINT HOLDERS CAN CLAIM BENEFIT UNDER SEC 80 C AND SEC. 24 . the total deductions THAT CAN BE CLAIMED BY EACH IS up to RS. 1.00 LAKH EACH UNDER 80 C AND UPTO Rs. 1.5 LAKHS EACH UNDER SEC 24.
IT MEANS THE TOTAL DEDUCTION PUT TOGETHER FOR BOTH COMES TO Rs. 5 LAKHS IN each FIN. YEAR.
but CONDITIONS APPLY.
1. THE PROPERTY AND LOAN SHOULD BE IN JOINT NAMES.
2. BOTH SHOULD HAVE CONTRIBUTED IN RAISING AS WELL AS REPAYING THE LOAN.
PL. VISIT www.taxworry.com
R.V.RAO