Intt. on loan for House property

S.D. Singh (Querist) 09 June 2010 This query is : Resolved
Mr. A and Mrs. A purchased a residential house in joint names. Bank loan was also taken in joint names. They are also repaying the principal and interest amount jointly in equal ratio from their incomes. Now my query is whether both mr. A and Mrs. A shall be entitled for benefit u/s 80-C separately Rs. 1.00 lacs each for principal payment and also benefit for interest payment u/s 24(b) separately Rs. 1.50 lacs each in their individual return of income

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A V Vishal (Expert) 09 June 2010
The actual repayments from each account should be considered separately for S.24 and 80C respectively for the purpose of claiming deductions under the said sections by both the assessees.

Jagmohan Rawat (Expert) 09 June 2010
Yes, they both are eligible for the benifits as per their share in loan repayment and interest. Further in case the property is let out then there won't be any cap on the interest exps claimed u/s 24(b).