Deduction u/s 24 b

I think the husband can claim whole amount,and u/s 80c also he can claim 100000(NOT SURE)

As the Loan granted jointly, the amount should have been credited to the Joint Account held with the Bank. If so, the EMI also should have been Debited to that Account. Then We very well presume that the EMI has been paid Jointly. And Then the Principle Portion is available for Both of them for Deduction 50% each

Originally posted by : VIKAS.A
	I think the husband can claim whole amount,and u/s 80c also he can claim 100000(NOT SURE)

Difficult case....Husband can claim deduction u/s 80C for his spouse also & spouse can also claim deduction on the same lines....So, the deduction available to both of them or to 1 of them whose income is higher (HIGHER INCOME-because doing this more tax benefit can be availed)....& Are u also not sure about deduction u/s 24(b)??

Originally posted by : CA.D.RAGAVAN
	As the Loan granted jointly, the amount should have been credited to the Joint Account held with the Bank. If so, the EMI also should have been Debited to that Account. Then We very well presume that the EMI has been paid Jointly. And Then the Principle Portion is available for Both of them for Deduction 50% each

sIR YOU MEAN TO SAY THAT deduction u/s 24(b) is available 75000-75000 to each assessee & u/s 80 C 50000-50000 to each assessee ??

50% of Principle Portion Repaid Each. If the Total Principal Portion is Rs.100000/- Rs.50000 Each. If the Total Principal Portion is Rs.400000 - Rs.100000 each (Maximum)

Originally posted by : CA.D.RAGAVAN
	50% of Principle Portion Repaid Each. If the Total Principal Portion is Rs.100000/- Rs.50000 Each. If the Total Principal Portion is Rs.400000 - Rs.100000 each (Maximum)

But u/s 80C assessee can also claim deduction for his family member also & SPOUSE is covered in the definition of family.....so if the total income of husband is 1200000 & of wife is 230000......so under this situation can deduction for whole amount of 100000 can be given to husband for saving tax of 30000 instead of (15000+3000) ???

3000 for wife because income above MINIMUM EXEMPTION LIMIT is 30000 only...

15000 for husband because of half benefit i.e. 50000 deduction....

Kindly refer to the following discussion.  Should give you required clarification.

/forum/home-loan-repayment-by-nri-239605.asp#.UTyV1aNr_BE

Originally posted by : Kashish Gupta
	Originally posted by : CA.D.RAGAVAN 50% of Principle Portion Repaid Each. If the Total Principal Portion is Rs.100000/- Rs.50000 Each. If the Total Principal Portion is Rs.400000 - Rs.100000 each (Maximum) But u/s 80C assessee can also claim deduction for his family member also & SPOUSE is covered in the definition of family.....so if the total income of husband is 1200000 & of wife is 230000......so under this situation can deduction for whole amount of 100000 can be given to husband for saving tax of 30000 instead of (15000+3000) ??? 3000 for wife because income above MINIMUM EXEMPTION LIMIT is 30000 only... 15000 for husband because of half benefit i.e. 50000 deduction....

We need to separately study eligibility criteria to claim deduction for each items available u/s 80C. For example: tuition fees for children paid by wife can not be claimed as deduction by husband.

Originally posted by : nikhil
	Kindly refer to the following discussion.  Should give you required clarification.   /forum/home-loan-repayment-by-nri-239605.asp#.UTyV1aNr_BE

Dear Nikhil 

I have gone through the above quote and it was very helpful. Thanks a lot. But there were quotes which you have mentioned in the abov elink(Copied below in bold). So jst want to know, is the below quotes are mentioned in any provision of Income from House Property or in any Section. If Yes , so pls provide the link. As i am in a mortgage industry and on routine basis i am getting the same queries from my clients . So pls Suggest

Dear Tushar,   let me quote from the very article you have referred here:   1  - "The share in tax exemption that each of the co borrower gets is in proportion to the share in the home loan availed by the co borrower" Thus, generally, the sharing of the benefits is done in the ratio of ownership rights   2.  "In cases where one of the co owner is not earning then the earning partner has to enter into a legal agreement with the former to state that the entire burden of the home loan is being borne by the earning member. This will make the earning member to take full advantage of all tax exemptions available on the home loan. This agreement can be signed on Rs. 100 stamp paper.   Each of the borrower has to obtain the statement of payment made to the financier individually and submit the same separately in order to avail the tax exemptions."     Based on the above, an agreement may be signed to transfer repayment liability as well the benefits available under 80C and 24, in case one of the co-owner is not earning.   In this case, the NRI has made the repayment and his wife intends to claim the benefits under 80C and 24.  It can thus be easily deduced that both, the husband and wife are earning.  Thus the option as suggested by you, won't work out here.

Hi Vipin

Though your question is for Nikhil but in the mean time I wish to share my view.

Nikhil clarified in point 1) Thus, generally, the sharing of the benefits is done in the ratio of ownership:

Yes, he is correct. Pleas follow ( Section 26 )the link:  

https://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx

In second question Mr Tushar had provided an opinion from simpletaxindia in which it is mentioned that one person( if he is not working ) can shift the benefits to his spouse. Though Nikhil  is not in opinion that this can be done but clarified that even this opinion wont work in this case as both husband and wife are working.

I am also in the same opinion that benefit can not be shift this way, thru a NOC, declaration etc.

Originally posted by : Santosh Mishra
	Hi Vipin   Though your question is for Nikhil but in the mean time I wish to share my view.     Nikhil clarified in point 1) Thus, generally, the sharing of the benefits is done in the ratio of ownership:   Yes, he is correct. Pleas follow ( Section 26 )the link:     https://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx       In second question Mr Tushar had provided an opinion from simpletaxindia in which it is mentioned that one person( if he is not working ) can shift the benefits to his spouse. Though Nikhil  is not in opinion that this can be done but clarified that even this opinion wont work in this case as both husband and wife are working.   I am also in the same opinion that benefit can not be shift this way, thru a NOC, declaration etc.

Thanks Mr Santosh

But  i have gone through daily practical cases , for Example- A (Earning Person) and B (His mother, non working ) are on the loan structure but case is framed only on the income of A while property is in name of B (mother) only as females are getting Stamp Duty benefit at the time of registry of property. So how A will claim whole benefit under Sec  80C and Sec 24b. 

As Nikhil has mentioned that B can sign on Rs 100 STamp Paper and A can full tax advantage. But jst want to know is it mentioned in any law. 

Also sorry to say but i am not able to open the link provided by you. 

Will appreciate your reply ......................

Dear Vipin,

By referring to the link, I was trying to save effort of repeating the opinion.

Nevertheless, I am reiterating my views below:

1. As per law the benefit under 24B and 80C are available to joint owners in the proportion of their ownership only..

2. the changing the situs of benefits through the arrangement as suggested by Simpletaxindianet, is not something I am very fond of. the argument I offered in relation to that trail of conversation was more of a counter argument to the solution offered by Simpletax.

According to me, Assessing Officer shall always have the option to disregard any such private arrangement which can be viewed as tax evasion.