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Deduction for home loan installment for co-owners

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Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2010 ther are MrX & MrsX purchased a flat on loan jointly, Mr x is owner & Mrs X is co-owner now the question is how both can claim deduction under sec80C , if suppose mr x paying cheque from joint Bank account then how Mrsx can claim benifit u/s 80C , if limit of section 80C is over then how they can claim deduction under House property if they about to get possession in september i.e. there required to compute interest undre pre possession method to amortised over loan term?

Please advice me on above query

CA.Pujah

CA.Pujah (Expert)
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08 June 2010 Mr & Mrs X both can claim ded u/s 80C upto 1 Lacs each. No if it is for this financial year only. no need to calculate separately. If interest is paid in prev yrs also then upto 31/3/10 consolidate intt & claim it in coming 5 yrs FY10-11 to 14-15.

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