Deduction under sec 80c

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saurabh garg (Querist)

04 July 2016 A clieny had already taken a home loan. Problem is....home loan is taken on the name of joint owner and the whole amount of loan is paid by single joint owner but the ratio of ownership on property document is 50:50.... What portion of home loan principal amount payment can be clamined by both in their ITR under sec 80C

ALKESH T MEHTA

ALKESH T MEHTA (Expert)

05 July 2016 Only,the loanee owner can claim deduction U/S 80 C.

saurabh garg

saurabh garg (Querist)

05 July 2016 I m not clear sir.... whether both are going to get exemption in 50:50 ratio.... or the single person, one of them, will get full exemption as he is making the full payment

saurabh garg

saurabh garg (Querist)

05 July 2016 Answer is not clear sir.... whether they both are going to get exemption on 50:50 or the single person, one of them, who is making full payment will get the full exemption.....

saurabh garg

saurabh garg (Querist)

05 July 2016 Answer is not clear sir.... whether they both are going to get exemption on 50:50 or the single person, one of them, who is making full payment will get the full exemption

ALKESH T MEHTA

ALKESH T MEHTA (Expert)

06 July 2016 Single joint owner who has made payment will get exemption

saurabh garg

saurabh garg (Querist)

06 July 2016 ok thanks sir....it means payment is relevant not the ownership....

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