House loan interest & principal benefit co - ownership

This query is : Resolved

meenakshi (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.