Tax benefit to co-owners of self-occupied house property
This query is : Resolved
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.
Question : Can wife be eligibal to claim tax benefit for pre-payment of principal of loan outstanding.
Prof. Bajaj
(Expert)
01 February 2012
Is the wife also a co-borrower of the loan ??
CMA Ramesh Krishnan
(Expert)
01 February 2012
Yes. she is eligible to claim deduction u/s.80C against payment of Principal housing loan payment.
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.
If wife is a co-borrower, she can claim exemption for principal u/s 80c.
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