If the loan in the name of the only one person then only that person can claim the deduction u/s 80c and 24b

Hello Navin Sir,

In my case there are 3 Co-owners and Co-borrowers of a House. Assessee, his Wife and his Father.

1.)                The joint holders share in the House is not equal. But mutually they have decided share the EMI and Loan obligation in equal share. Now can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each.

2.)                The EMI is deducted from the assessee’s account and his wife and Father are reimbursing him, their respective share of EMI in Cash and sometimes by cheque, Can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each

3.)                Should he for safety sake add his father and wife’s name as joint holders in his personal Savings account .

Hello Navin Sir,

I repeat  and clarify that the house is in name of all three persons and loan is also in names of all three persons Assessee, his Wife and his Father.

 Thus my question is:

1.)                The joint holders share in purchasing the House is not equal. But they have jointly taken loan and mutually they have decided share the EMI and Loan obligation in equal share. Now can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each.

2.)                The EMI is deducted from the assessee’s account and his wife and Father are reimbursing him, their respective share of EMI in Cash and sometimes by cheque, Can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each

3.)                Should he for safety sake add his father and wife’s name as joint holders in his personal Savings account .

Hello Navin Sir,

I repeat  and clarify that the house is in name of all three persons and loan is also in names of all three persons Assessee, his Wife and his Father.

 Thus my question is:

1.)                The joint holders share in purchasing the House is not equal. But they have jointly taken loan and mutually they have decided share the EMI and Loan obligation in equal share. Now can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each.

     ANS:- THERE IS NO MATER OF THE SAHRE IN PURCHASING, THE DEDUCTION WILL BE ALLOWED ONLY IN THE LOAN RATIO TAKEN BY EACH ONE.

2.)                The EMI is deducted from the assessee’s account and his wife and Father are reimbursing him, their respective share of EMI in Cash and sometimes by cheque, Can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3^rd each

        ANS;- YES, ALL CAN CALIM THE DEDUCATION, NO MATTER OF THE SOURCE OF PAYMENT

3.)                Should he for safety sake add his father and wife’s name as joint holders in his personal Savings account .

ANS;- YES, YOU CAN DO THAT FOR ANY FUTURE MISUNDERSTANDING WITH IT DEPARTMENT

Hi Navin,

I am looking for some material which can be quoted/produced in Assessment proceedings to claim the benefit of Rs.1.5 lacs each (both husband and wife) under loss from HP (for a self occupied property). I was directed to your earlier posting on this which is pasted below. Can you let me know what is the basis that can be quoted for each one of the joint owners to claim the benefit of Rs.1.5 lacs each.

Thanks

Sivakumar.K

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Thanks For Information

Hi Navin,

can you please clarify about deduction of section 80C for repayment of housing loan, when the house is still under construction and possesion is not yet taken.

Thanks for your help.

Regards,

Amit Chadha

@ Amit,

Yes you can claim the deduction under section 80C.

Can we claim repayment of principal amount under section 80C before the construction is finished???

Someone is saying that to claim 80C deduction we should be living in that house property is that true??