In case of housing loan taken in Joint name, can both individuals claim deductions of Interest and principal in different proportions ? i.e 30:70 for interest u/s 24 and 40:60 for interest u/s 80C ?
Ashish Malik (FCA) (36 Points)
28 May 2009In case of housing loan taken in Joint name, can both individuals claim deductions of Interest and principal in different proportions ? i.e 30:70 for interest u/s 24 and 40:60 for interest u/s 80C ?
PiyushAgrawal
(Chartered acooutant in practice)
(575 Points)
Replied 28 May 2009
| Originally posted by :Ashish Malik | ||
| " | In case of housing loan taken in Joint name, can both individuals claim deductions of Interest and principal in different proportions ? i.e 30:70 for interest u/s 24 and 40:60 for interest u/s 80C ? | " |
In my opinion if they are co-oweners than they both get deduction of 24 in proprtionate.
who pays principal get deduction in 80C.No deduction of interest should allow in 80C
Ashish Malik
(FCA)
(36 Points)
Replied 28 May 2009
What if the share in property is equal and the principal is paid from a joint bank account ?
Radheyshyam Falod
(CA)
(416 Points)
Replied 10 June 2009
It depends how u account for the joint bank account i. e. in whose books. Ideally if the share is equal then equal deduction for both 80C & 24. U cannot claim different ratios for the two sections.
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