This will enhance your loan entitlement and give you more tax-breaks -- up to Rs 1 lakh (Rs 100,000) per annum each under Section 80C for principal repayment and up to Rs 1.5 lakh (Rs 150,000) each under Section 24 for interest repayment
Correction 1 lakh not for each, it is together on principle and RS 1.5 lakh together on Interest
Example : if 120,000 is principle then each can share that in such way that sum should be not more then 1 lakh. even the interest sum should not cross 1.5 lakh
RE:correction: Move 6
by Omega on Jul 06, 2007 04:57 PM Permalink
You are just getting confused. If Rs. 1,20,000 is the principle paid, and interest is say, Rs. 1,60,000, then each one can get a rebate of 60,000 for principal and Rs. 80,000 for interest
RE:correction: Move 6
by rajesh on Jul 09, 2007 01:12 PM Permalink
This is what my tax advisor tells me. But the article says that both can avail the benefit Rs.1,00,000/- on proncipal and Rs.1,50,000/- on interest separately.
