Joint home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 A Son and a Mother has taken home loan about 32,00,000/- emi is 65268/- per month. Registration of the said home in both name.
PRINCIPAL COMPONENT Rs. 4,46,315.00
INTEREST COMPONENT Rs. 2,06,365.00
PRE-EMI INTEREST Rs. 13,743.00

My question is both are eligible under 80C deduction of principle amount and Interest.
what will be ratio for it
can i claim 1 lakh 1 lakh for both in under section 80C
and Loan interest 1.5 lakh for one and rest Interest amount for other?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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25 July 2011 son and mother will be allowed deduction in the proportion of loan taken by each of them...

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 July 2011 You have to claim according to the share in property and payments being made.

In case payments are debited to a joint bank account in which the money is equally transferred by both the borrowers, then they can get equal deduction.

Co-owners are treated as owners in respect to their share. Both are just like owners. You can claim -Deduction U/s 80C upto 1.00 lac in both the cases assuming that each of them is having more than 25% share in the property.
Interest to be claimed in proportion to their holding.
Loan amount has also to be shown proportionately.

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CA Aditya Goel

CA Aditya Goel (Expert)
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25 July 2011 Yes both can claim but Proportionately.

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 AS Loan Interest limit is 1.5 Lakh

It is for total of both or both are separately show 1.5 Lakh and 1.5 Lakh
(1.5 Lakh and 70108 for other)

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2011 Thankyou Very Much Expert....:)