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Interest on borrowing capital

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(Querist)
06 February 2009 Residential Property purchased in the name of wife. Loan taken by husband and wife is co-applicant.

1. Can wife take benifit of interest.

2. Can husband also take benifit of interest.

3. Can both take benifit of interest.

3. What about benifit u/s 80C of repayment of loan.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
06 February 2009 When you are taking loan jointly depending the earning capacity of each member the loan is sanctioned. The banker will arrive on that basis. On the same basis repayment has to be taken and both of them can cliam interest, and 80c benefit respectively for their share of loan.
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