Joint Home loan and dedication

deduction 1.5 lac & 1.5 lac in both ITR, and interest 2 lac & 2 lac from both ITR
 

Yes

Originally posted by : Tapas Samadder
	Ratio of property ownership is 50:50,

Then no issues...

They can claim deduction as you noted...

Originally posted by : Tapas Samadder
	Thanks Raja PM

You are most welcome...

In the context of joint home ownership and a joint home loan, the deduction of interest and principal repayment for income tax purposes can depend on various factors, including the ownership share and the contributions made by each co-owner. Here's a general overview based on common practices, but it's essential to consult with a tax professional for advice tailored to your specific situation:

Home Loan Principal Repayment:

1. Individual Deduction Limit: Under Section 80C of the Income Tax Act in India, each co-owner can claim a deduction of up to INR 1.5 lakh for the principal repayment on the home loan.

2. Joint Ownership: If the property is jointly owned, each co-owner can claim a deduction for their share of the principal repayment, subject to the overall limit of INR 1.5 lakh.

   For further more detailed information on this topic visit: New Income Tax Return (ITR) Forms for AY 2023-24

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Yes.  In the case of a joint home loan, both co-borrowers can claim deductions separately up to the limit of Rs. 1.5 lakh each, effectively doubling the tax benefit.

Originally posted by : sabyasachi mukherjee
	Both cannot claim deduction equally

Mr Sabyasachi,

Please avoid such replies for without knowing the details.

You crossed the query without knowing the such rules... 

Please, Please keep the professionalism...

He is here to irritate everyone ...