pls. tell me...
In case of joint ownership, both the co-owners can avail the deduction u/s. 80C for repayment of housing loan even if the loan repayment instalment is cut from 1 co-owner out of 2?
(situation-That 1 co-owner is named first in the loan application from whose salary, the loan insalment is cut & other is named as 2nd co-owner in the loan application.)
pls tell its very very urgent
Hi Sampada,
The deduction u/s 80C will be available to a person who has paid such loan.
In your case the loan is in joint name but payment is made by 1st applicant.Therefore deduction will be given to 1st applicant & not to the other.
However if 2nd person reimburse his share of loan to 1st person than both can avail exemption.
The deduction u/s 80C will be available to a person who has paid such loan.
In your case the loan is in joint name but payment is made by 1st applicant.Therefore deduction will be given to 1st applicant & not to the other.
However if 2nd person reimburse his share of loan to 1st person than both can avail exemption
agree with Mr.Shanky
Hi Sampada,
The deduction u/s 80C will be available to a person who has paid such loan.
In your case the loan is in joint name but payment is made by 1st applicant.Therefore deduction will be given to 1st applicant & not to the other.
However if 2nd person reimburse his share of loan to 1st person than both can avail exemption.
CAclubindia
