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Tax benefit to co-owners of self-occupied house property

This query is : Resolved 
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(Querist)
01 February 2012 Case:Husband & wife co-owner of house property agaist which, husband is making a payment of EMI from his bank account. For which he is claiming Interst of rs.150,000/- and Principal of Rs.100,000/- for tax benefits. where as his wife is paying Principal of Rs.80,000/- over and above the EMI paid by husband, as adhoc pre-payment against principal of loan outstanding.

Question : Can wife be eligibal to claim tax benefit for pre-payment of principal of loan outstanding.
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Prof. Bajaj

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Prof. Bajaj (Expert)
01 February 2012 Is the wife also a co-borrower of the loan ??
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tanveer

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tanveer (Querist)
01 February 2012 True. The wife is also a co-borrower.
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tanveer

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tanveer (Querist)
01 February 2012 plz suggest
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
01 February 2012 Yes. she is eligible to claim deduction u/s.80C against payment of Principal housing loan payment.
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Prof. Bajaj

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Prof. Bajaj (Expert)
01 February 2012 Agree with Ramesh Krishnan Sir.

If wife is a co-borrower, she can claim exemption for principal u/s 80c.
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