04 August 2014
If husband and wife are joint owner of property and they availed loan on joint name and repayment also made jointly. Now deduction u/s 24 for interest and 80c for Principal repaid is available individually or aggregate. means deduction for 1.5 lakh available to each holder or 1.5 lakh aggregate according to % of ownership.
04 August 2014
The deduction of interest on borrowed capital u/s 24 upto Rs. 1.5 lakh is available to both of them separately subject to the interest actually paid by them in accordance with their share of ownership. Similarly, section 80C benefit for principal repayment is also available separately and they can claim principal repaid by them in accordance with their share of property.
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