Joint deduction for interest on borrowed capital u/s 24

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Senior Business Analyst
43 Points Joined August 2007

Hi Everyone,

Can anyone advice me regarding the following point regarding Sec. 24 :

Say, a new flat is purchased in the joint name of 2 persons for which they have taken loan. Whether the interest amount on the borrowed capital i.e. say Rs. 3 lakhs can we deducted by both the joint owners upto limit of Rs.1,50,000.

Looking forward to provision based answers to my query.

Thanks & Regards

DEB

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On 20 August 2007 at 07:01 Report
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Chartered Accountant
340 Points Joined August 2007
yes both the co-owners will get individual limit of 1.50 lakhs. that means if total 3 lakhs is paid as interest than 1.5 lakhs can be calimed by 1st owner & 1.50 lakhs by 2nd owner. and the same with 80C deduction for principal amount repayment
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On 20 August 2007 at 07:09
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Article (Final Result waited)
391 Points Joined August 2007
deb as per sec 24 u can take the benefit of intt. in both assesse,& in 80 c who r repaying the payment of loan .
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On 21 August 2007 at 01:06
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Article (Final Result waited)
391 Points Joined August 2007
the amt will be which is paid aginst loan principal
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On 21 August 2007 at 01:07
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C.A.
175 Points Joined June 2007
Both person should be co-owner in flat as well as co- borrower in loan taken so as to be eligible for deduction of Rs 1.5 lakhs each
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On 21 August 2007 at 04:40

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