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How to claim deduction if Joint housing loan

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 Hi!
Please advise URGENTLY:
How the amount of Principle and Interest amount can be claimed if housing loan is taken jointly.
Thanks and regards,
Ramesh

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 July 2011 Deduction can be claimed according to the proportion in which ownership in the property has been decided and payment of installments has been made.

If the ratio is equal-
Divide Principal Repayment
Divide Interest Payments
proportionately and claim.

Each of the co-owners can claim Maximum
1.50 lac in respect of interest and maximum 1.00 in respect of principal repayment. If the amounts are lesser, lesser claims will be allowed.

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2011 Thanks Sir, for the instant reply. Suppose, wife is not paying any amount towards EMI and whole instalment is paid by husband only, can wife claim the principal/interest amount?

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