House loan interest & principal benefit co - ownership


(Querist)
10 August 2018
Hi..

In case of co borrowers of home loan , is it mandatory to divide the tax benefit of interest and principal under section 80c and 24b

What if , one owner is having income below taxable


B.Chackrapani Warrier (Expert)
10 August 2018
To be divided according to the ratio of ownership in the land and building.

The borrower who has below taxable limit, if he is the owner, loose the benefit and if not the owner ,question of eligibility doesn't arise.


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