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

AI Summary

Couple Can Equally Claim Tax Benefits on Joint Home Loan Under Section 80C Without Specific Payment Proportions. A husband and wife, both professionals and income tax assessees, purchase a flat in joint names using a joint bank loan. They deposit money into a joint account for EMI payments without a specific proportion. The query seeks guidance on how to calculate the deduction of principal repayment and interest for each party. Responses suggest that both can claim tax benefits equally under section 80C, assuming equal liability for EMI payments in the absence of a specific declaration of payment proportions.