CA Hardik Vyas (Practicing Chartered Accountant) (130 Points)
18 April 2013Property is jointly held, on which home loan is taken in Joint name.
Principal Amount is deductible u/s 80C, now question is, who can claim this? how much?
If Joint Holders are
1) Husband & WIfe,
2) Father & Son,
3) Brothers
4) Huf & Assessee
Please rply in detail with explanation.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 18 April 2013
All the joint holders are entitled to claim the deduction u/s 80C towards repayment of principal opn housing loan.
The ratio for deduction is to be mutually dediced between the co-owners and shud be reduced in writing by way of an agreement.
for the first three options each of them can claim the deduction say in the ration 50:50. In case of HUF the Karta of the HUF and the assessee can claim the deduction in equal ratios.
Neha sharma
(-)
(1257 Points)
Replied 18 April 2013
All the join holders are entitled to claim deduction in the proportion of their holding...
CAclubindia
