In case of jointly taken loan can one claim tax benefit for interest only and other one claims principal only?



I, my son and my wife have jointly taken housing loan. For the year 2010-11 the projected total payment towards principal is Rs. 2,12,148/- and towards interest is ~Rs. 1,60,000/-. Can I claim tax benefit for Rs. 1,60,000/- towards housing loan interest + 1,00,000/- towards principal and my son claim for 1,00,000/- towards principal only.

2 Replies to “In case of jointly taken loan can one claim tax benefit for interest only and other one claims principal only?”

  1. You have mentioned that you are co-borrowers, but you have not mentioned whether you are co-owners of the house. If you are then:

    You can claim exemption u/s 80C of Rs 1 L if you are actually repaying that principal amount from your income.

    Your son can claim exemption u/s 80C of Rs 1 L if he is actually repaying that principal amount from his income.

    You can claim exemption u/s 24(b) of Rs 1.5 L if you are actually paying that interest amount from your income.

    HMT






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