Joint home loan EMI repayment by individual account

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chandrakant H Jadyar (Querist)

04 February 2011 1. we have joint owner and co-borrower of housing loan but entire EMI is paid by my individual account.(Self occupied)
2. We both are salaried.
3. Can we both claim interest rebate of Rs.1.50Lac each as the total interest paid by us more than Rs.3.00Lac
4. How can we claim principal amount.

Please advice.

Thanks & Regards,
Chandrakant Jadyar

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

05 February 2011 1. we have joint owner and co-borrower of housing loan but entire EMI is paid by my individual account.(Self occupied)

Ans: I request Chandrakanta Bhabhi to share with you. It will be better.

3. Can we both claim interest rebate of Rs.1.50Lac each as the total interest paid by us more than Rs.3.00Lac
Ans : Yes.
4. How can we claim principal amount.
You & your co-owner, co-borrower spouse can claim interest as well as principal.
Half of the amount paid by you should be, treated as loan to wife (as if amt paid on behalf of her -50% share) and she will pay it back to you.
Suppose Rs 1.00 has been paid by you, you
take officially a cheque of Rs 50000/ from her.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)

05 February 2011 Since the entire amount is paying by you, you only claim the interest and principle amount.

I am not agree with Mr. Bfana reply, since the property is not clearly divisable between you and your wife.

CA Nitish Jain

CA Nitish Jain (Expert)

05 February 2011 principal amount will be available only for the payer as the payment is the base for availability of deduction.
however, the property is self occupied and the borrowers are both parties. hence, interest can be claimed by both the co-borrowers.

Guest

Guest (Expert)

05 February 2011 Agree with Mr. Bhagat.

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