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Hosing loan deduction

Arulca (CA Job) (34 Points)

08 September 2011

Dear Sir,

We are going to get housing housin loan through joint account of me and my wife. Both are having income. Whether both can claim deduction towards principal repayment of loan u/s 80c. ie.maximum of Rs 2.00 lakhs each 1.00 lakh.

Thanks

Arul Murugan.M

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6 Replies

srinivass (CA Final) (2466 Points)
Replied 08 September 2011

in ur case you can get 1lakh and ur wife also get 1lakh if aggregate amount is 2lakh

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devang (CA FINAL article ) (181 Points)
Replied 08 September 2011

u cannot claim two time deduction for one surce .

here u have to check 1 st nameof holder in loan agreement that person can take deduction

wait for other rply.

CA Ankur Goel (sr. executive) (133 Points)
Replied 10 September 2011

First of all, make sure that property should be in ur and urs wife name.

Then u both can take benefit of Rs. 1 Lacs each otherwise only one of u can claim benefit in whose name property was registered.

Dhanabal Ramasamy (CHARTERED ACCOUNTANT) (105 Points)
Replied 10 September 2011

Hai..

The Interest and principal of Loan can be claimed by the owner of the house property and which is assessed in his income as house property income.

If the property is in the name of the both of you then it is to be assessed in the proportion of your share and in same proportion interest and Principal to be claimed.

Ashvin Bhanderi (ACCOUNTANT) (59 Points)
Replied 10 September 2011

Dear... Arulca... u n ur wife, both can claim deduction u/s. 80 (c) if house property is registered under both name... othrwis only the person who is registered...