Hbl

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jahangir (Querist)
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04 June 2012 My brother and his wife both are working and there source of earning are Salary, Interest from S/B accounts & NSC interest.

They purchase a flat and self-occupied by taking HBL jointly. They are equally interested in the property and paying loan installment equally from there respective accounts to loan accounts, from there installment amount p.m deducted.

During last F.Y-2011-12 they paid interest Rs. 1, 26,063/- & Principal Rs. NIL as per bank certificate issued by the bank.

My question is that,
(i) Can they claim deduction U/S 24(b) & 80C for the A.Y 2012-13 equally? OR

(ii) Only the first name holder of the accounts can claim the deduction? OR

(iii) Any one of them can claim the deduction?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 June 2012 The deduction can be claimed by both of them in equal proportion.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 June 2012 The deduction can be claimed by both of them in equal proportion.

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