ashishgupta.mail (n/a) 25 January 2008

query regd deduction claimed

greetings to all the resp members

1. The property has been taken in the name of wife and the construction loan has been taken in the joint name of husband and wife

2. In the return of the husband (assesee) the benefit for the deduction of the principal amt and the interest has been taken and claimed the refund of tax

3. now the demand has been raised for wrong claiming of rebate

Is there any elgible way of saving such person

Pls help us in the given situation

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1 Replies

Shambasiv (n/a) 28 January 2008

The person in whose name the property is registered is the eligle person who can claim deduction, in regard to the principal amount u/s. 80C and interest u/s.24. The mere fact of joint ownership doesnot pass on the entire right, to one of the joint owners to claim deductions in respect of the loan availed.