Deduction of loan of Principal and interest amount

[Suprakas Chaudhuri]

husband and wife, both professionals and income tax assessees, buy flat in joint name by obtaining bank loan also in joint name. A bank account is opened in joint name where money is deposited by each from time to time , not in any particular proportion for payment of EMI. How should deduction of principal repayment/interest calculated for each

[Guest]

In case of joint ownership both husband and wife can claim tax benefits in respect of the principal and interest payment equally under section 80C.

[Guest]

If both husband and wife buy flat in joint name and their is not decleration of the amount of liability of payment of EMI in that case assume that the burden of payment in both is equally and accordingly deduction will be allowed

AI Summary

Joint home loan deductions: where spouses share a loan and no allocation is declared, deductions are treated as equally apportioned. When a husband and wife purchase a flat and take a joint loan, repaying from a joint account without any declaration of respective liabilities, deductions for principal repayment and interest are assumptively apportioned equally between them; principal repayment is identified by the respondent as qualifying for deduction and both spouses may claim the benefit equally in the absence of evidence to the contrary.