Section 80 C

Hi sankaran

In section 80C and section 24(b) it is clearly mentioned dat when a property is jointly owned than for claiming the deduction under both the sections principal as well as the interest amount has to be proportionately taken by the joint owners...

Thus in ur case ur wife cannt have full deduction of repayment of housing loan and it is to be proportionately taken(50:50) in ur case...

I agree with Harshal as that is what is contemplated in the act

I agree with Harshal.

 agree

sir,

I am subscribing for two life insurance policies of tata aig, which are taken in the names of my son and daughter who are students.  The premium are paid out of my salary.  Am I eligible for deduction under s80 c for the premium paid?  If yes, how can I prove the premium are paid out of my income?  What certificate should i produce for this purpose?

Dear Mr Sudhakaran,

Yes , you are entitled for deduction u/s 80 C as you have insurable interest. Since payment is being made out of your income i.e. salary  it is sufficient. Premium payment receipt should be enough for working out TDS deductible from your salary for your employer.

Surendra Morolia

Yes

Harshal is right

Hi....

Your children are not having any income, from which they can pay the premiums.. So, its very obvious that its u only who has to pay the premiums on thier policy....

So, similarily, u r only eligible for deduction u/s 80

Yes Morolia is right.

I FULLY AGREED WITH HARSHAL BCOZ ACT SPECIFY FOR CLAIMING DEDUCTION YOUR WIFE CAN CLAIM OF HER SHARE i.e. 50% THEREOF

Would u opinion change if provisions of section 64 (clubbing) are applicable in above case?

Regards

Juzer

I agree