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
in ur case you can get 1lakh and ur wife also get 1lakh if aggregate amount is 2lakh
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.
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.
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.
hi
only the registered owners can claim the deduction but not the loan applicants
CAclubindia
