Query on Section 24(b) and Sec 80C

Samir (ACA) (113 Points)

08 July 2011  

I have a query with regards to claiming Housing Loan exemption u/s 80C and Sec 24(b):

 

F.Y 2010-2011

There are 3 Co-owners and Co-borrowers of a Flat.

Out of which EMI is being deducted only from 1st Holders Bank account.

Now can all of the 3, claim exemption u/s 80C and Sec 24(b) in proportion 1/3rd Each.

 

F.Y 2011-2012

EMI is still being deducted only from 1st Holders Bank account.

 

Further all the 3 Pre-paid the Housing Loan in Part: Rs. 1,00,000/- each

Now can all of the 3, claim exemption u/s 80C - Rs. 1,00,000/- each

 

Please can anyone solve this Query?

Thanks in advance