Joint Home loan and dedication

Dear Sir, we purchased a home jointly by bank loan, how we shall deduction in Income tax, We shall get deduction 1.5 lac & 1.5 lac in both ITR, and interest 2 lac & 2 lac from both ITR ? pls.
Replies (14)
Quick Summary
When purchasing a home jointly with a home loan, each co-owner can claim income tax deductions for both the principal repayment (up to £1.5 lakh) and the interest paid (up to £2 lakh) on their individual tax returns. These deductions should generally be claimed in proportion to your ownership ratio of the property. For example, with a 50:50 ownership, each person can claim up to the full limits, effectively doubling the potential tax benefit for the household.

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

Yes

Can claim deduction in the ratio of the property ownership.
- Can claim deduction in the ratio of the property ownership.

Yes I agreed the above reply.

The deduction available as per ratio of the ownership of the property...

As per property ratio the said Interest and pricipal payment excess the said value then no problem...
What is "ratio of property ownership" and where is it mentioned?
Ratio of property ownership is 50:50,
Originally posted by : Tapas Samadder
Ratio of property ownership is 50:50,

Then no issues...

They can claim deduction as you noted...

Thanks Raja PM
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

    To read more such trending content, visit Swipe Blogs.

Dear Musrath Ji, your answer not clear to me , again I informing , it is Joined ownership and 50:50 ratio property. Can they claim 1.5 lac and 2 lac in each ITR ?

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.

Both cannot claim deduction equally
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 ... 

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