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urgent query to help me

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2010 "both , husband n wife are joint owner as well as co burrower kindly clarify whether both can claim 1.5 lakh interest and rebate on principal seperately or total 1.5 including both. total tinterest paid is approx 3.0 lakh.pl ex
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
12 February 2010 Yes, both of them can claim separate deduction u/s 24(b) for Interest amount(u/s 26 co-owner), i.e., upto maximum limit Rs. 1.5 lakh and same for Principal amount u/s 80CCC.

Please note: If actual interst amount paid is LESS THAN Rs. 1.5 lakh then deduction will be available for actual amount and both person would divided that interest amount into their property holding share for deduction purpose.

Regards!!!
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
12 February 2010 both can take max 1.5 each.
principal amount deduction is u/s 80C perhaps Mr. Dinesh S Adhikari write is by mistake.
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
12 February 2010 Only if the supporting documents substatiate the joint claims. Principal amount is u/s 80C and interest u/s24
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
12 February 2010 Yes both can claim Rs.1.5 lakhs u/s.24
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