Housing loan of co-owned property

Hi Everybody,.

Can anyone clarify my queries.

My question relating to : Treatment of Housing Loan from Co-owned property.

Housing loan provisional certificate issued by Bank, for co-owner if there is no percentage of share given whether we can assume 50% interest & 50% principal.

Example : In Housing Loan certificate Principal is Rs.1,00,000/- & Interest is Rs.50,000/- in the name of Mr. 'X' & Mrs.' Y '.

If there is no % of share given then we assme 50% i.e.

Name Principal Interest

Mr. 'X" Rs.50000/- Rs.25000/-

Mr. 'Y" Rs.50000/- Rs.25000/-

My doubt is, (above example) whether Mr. 'X' can claim whole amt. of Principal (100%) i.e. Rs.1,00,000/- & Mrs. 'Y' can cliam whole amt. of Interest (100%) i.e. Rs.50000/- ?

Again my doubt is, ( (above example) whether Mr. 'X' can claim 60% of Principal i.e. Rs. 60000/-*(1,00,000*60%) & Mrs. 'Y' can claim 40% of Principal i.e. Rs.40,000/- (Rs.100,000*40%) &

for Interest Mr. 'X' can claim 30% of Interest i.e. Rs.15,000/- (Rs.50,000*30%) & Mrs. 'Y' can Claim 70% of Interest i.e. Rs.35000/- (Rs.50000*70%) ?

Whether any % of claim of Principal allowed as per Income Tax Act ( i.e. Mr.'X' - 80% & Mrs. 'Y' - 20%)

Whether any % of claim of Interest allowed as per Income Tax Act ( i.e. Mr.'X' - 35% & Mrs. 'Y' - 65%)

They can claim (Mr. 'X' & Mrs. 'Y') any percentage of Principal & Interest by mutual concern.

Please solve my queries.......

In case of co-owned properties, the EMi paid on the home loan is requried to be shared as per the percentages mutually agreed between teh co-owners. Neither the I-T Act, nor the bank would provide the percentages in whihc the EMi would be shared between the co-owners.

The sharing ratio shud preferably be reudced in wiritng by way of an agreement on a stamp paper & get it notarized, so that it would act as a proof in the court of law, if any dispute arises between the co-owners in teh future.

The co-owners are required to share the EMi, no one co-owner can share principal and the other the interest . Each of the co-owner is paying his share of the EMi on teh home loan whihc contains teh principal as well as interest. So each co-owner shud share the interset as well as the principal of the EMI paid on home loan.

In short whatever amount is being specified by the bank in the provisional certificate shud be sahred as per mutually agreed ratios between teh co-owners.