Intt. on loan for House property
This query is : Resolved
CA. Sukhdev Singh
(Querist)
09 June 2010
Mr. A and Mrs. A purchased a residential house in joint names. Bank loan was also taken in joint names. They are also repaying the principal and interest amount jointly in equal ratio from their incomes. Now my query is whether both mr. A and Mrs. A shall be entitled for benefit u/s 80-C separately Rs. 1.00 lacs each for principal payment and also benefit for interest payment u/s 24(b) separately Rs. 1.50 lacs each in their individual return of income.
Sunil Kr. Sanganeria
(Expert)
09 June 2010
Yes, both are seperately entiled for Section 80C and Section 24(b) of the Income Tax act
09 June 2010
claim 1.5 Lacs for interest in 24(b)
and Upto 1 Lacs for 80c toward principle payment
and Upto 1 Lacs for 80c toward principle payment
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