sampada (ARTICLE ASSISTANT) (136 Points)
26 December 2010pls. 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
CA SHANKY KANSAL
(Doing Job)
(35 Points)
Replied 27 December 2010
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.
Srihari Manipatruni
(student)
(147 Points)
Replied 04 March 2011
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
sachin sharma
(article)
(122 Points)
Replied 04 March 2011
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
