1.can Anyone let me know who is eligible for 80C Exemption on Housing Loan Principal accrued during the year on Housing Loan taken by Joint Assessee (Joint Loan)?
2. Are both eligible for claim of Loss under House Property U/s 24b as the Interest accrued or repaid during the year exceeds Rs.1,50,000 ?
They will be entitled to deduction in the proportion in which payment is made by them. for eg husband and wife have jointly taken a loan in equal proportion and principal repayment of Rs 100000 is made by them, then each of them will be entitled to deduction of Rs 50000.
Dear Krishnan,
Both are eligible to claim the above loan payment
Deduction under Section 80C are allowed on payment basis. Hence exemption will be available to the person who has actually paid the housing loan principal. It is not necessary that they will get deduction in the ratio of ownership. The important point here is deduction will be allowed to the person who has actually paid the principal amount.
First of all 80C comes under deduction not exemption as written in ur question .
If interest amount exceeds Rs1,50,000/- then both can claim benefit u/s 24 for example if interest amount is Rs 3,00,000/- then both can claim Rs1,50,000/- each (Self occupied property)
In respect of 80C agree with shudhanshu
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