House Property,Section 24 & Section 80C

Hi Manish,

Section 24 and Section 80 C are very clear regarding the ownershipof the property--only an owner of the property can claim interestu/s 24 and deduction on account of principal repayment u/s 80C.Since Mr X only has repaid the amount of the loan, only he will beentitled to claim deduction. But Mrs X can now reimburse the amountof her share to her husband and claim the amount. In future it isbetter to have a joint a/c for husband and wife out of which torepay the loan. Please note also that now there is no limit ofhousing loan repayment u/s 80 C. Deduction on account of principalloan repayment can be claimed upto a max of Rs 1 lac(the totalallowable ded u/s 80C). As in the initial years interest portionwill be much higher than the principal portion, I dont think asituation will arise where ded. u/s 80 C is being wasted becauseonly Mr X is claiming it(unless Mr X has already exhausted hisinvestment scope u/s 80C).

Regards,Sanjeev Bedi,CA

--- In http://finance.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA/post?postID=tU_N0A0DpjaUyis4orRUkeDbdNj7g8Fn7tXtfyucRVilZCUMJ2SUT76TicrYvQ4lJz2ngxBR6T_Cg1gPWGvRTITnePEJVk0s2-3cL0LP, "camanish" wrote:>> Hi friends i have a query regarding house property loan>> suppose Mr. X and Mrs. X has purchased a property in joint name>> but they avails the loan in the name of Mr.X, Mrs.X and Mr.Y(MAjorson)>> now finally the 100% loan instalments are paid by Mr.X only.>> what will be the position of Mr.X, can he claim the benefit alonein> his return or Mrs. X can claim the benefit.>> what will be the position.>> please clear>> Manish Gupta> C.A.> 9811089109> New Delhi>