CO Owner Home Loan Benefit

Amol (Investments) (40 Points)

26 July 2008  

 house property with joint ownership ( 10% and 90%). The 10% is transfer of ownership share by gift deed only to facilitate co ownership for Income tax Purpose. Availed a Joint loan. The co owner owning 10% share pays the whole loan . As per IT Act, Each co owner is to be assessed separately for his share of income from the HP. Now my question is as under:

If the toatl EMIs amount to Rs. 2.5 lacs ( 1.5 lac int + 1 lac Prin) in a previous year which are paid by 10% co owner. Can he claim 1.5 lac int and 1 lac prin or his benefit u/s 24 and 80 C will be 1.5 lacs * 10% and 1 lac *10% ? i.e. actual contribution in repayment or share in House Property will decide benefit u/s 80C and sec. 24 ?