Home Loan Benefit

If a property is owned by jointly. Can both the owners claim benefit for the amounts (that each has paid) under Section 80C and Section 24?

asked Mar 19 '13 at 12:04 by vikram172 115

Both joint owners can claim 80C and section 24 tax benefit independently. But they can only claim upto extent in which they shared the principal and interest EMI in loan.

If total interest is 2 lakh and both paid equally in same, they can claim 1 lakh each u/s 24. Similarly with principal payment.

answered Mar 19 '13 at 16:00 by Pankaj Batra 5.2k320


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Asked: Mar 19 '13 at 12:04

Seen: 1,686 times

Last updated: Mar 19 '13 at 16:00