Housing loan repayment provisions

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2013 Mr.X and his wife has housing loan in which they are equal co-owners.What are the provisions and deductions u/s 24 and u/s 80 c for individual co-owners?
for eg.
total interest paid is-Rs.152465 and
total principal repaid is-Rs.393790.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 November 2013 Interest U/s 24: In case of Self Occupied Property-

Mr.X =152465/2,
Mrs X=152465/2
.
Principal - U/s 80C within the over all limit of Rs 1.00 lac, both can claim the maximum available deduction upto Rs. 1.00 lac.
.
Total Interest and Total Principal paid has been considered as paid during a single financial year.

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