Please explain if an assessee spouse having a loan from bank. Can assessee claim deduction U/s 80C against prinncipal amount against his/her taxable income.
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Income tax
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Dear Amit
your question is not clear. But i will explain the provisions
1. we can claim deducion u/s 80 C for principal amount repaid regarding home loan.
2. this deduction can be claimed by the person in whose name property registered and the same person is paying installments also.
3. suppose property is in husband name and wife is co borrower and wife is paying entire EMI's in that case also husband is not eligible for 80C deduction.
4. suppose property registered in both name and both are co- borrower: and only husband is paying entire EMI's in this case both can calim deduction u/s 24 b as well as 80C.
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