Determine the eligible amount of repayment for home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2015 In case of joint home loan a/c in the name of husband and wife. How do we calculate principal amount of repayment of home loan for deduction under section 80c. Do both individual can avail benefit for the same amount

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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10 March 2015 Both can avail benefit of section 80C if not only they are joint lonees but also joint owners in property. In that case they can avail principal repayment deduction in the ratio of 50:50 or their share of loan mentioned in loan account. Even in case of joint loan, ECS of EMI is usually made by banks from one account only in that case the other person may transfer an amount of his or her share in repayment into bank account of that person from whose bank account ECS is deducted.

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