Answer

1. F

   Facts

   Each co-borrower who is also a co-owner can claim their share of interest and principal. For a self-occupied house under the old regime, each can claim up to ₹2,00,000 interest and principal within their own ₹1,50,000 Sec 80C limit. The shares should match who actually pays.

2. P

   Provisions and law

   • Sec 24(b) (now Sec 22(1)(b))Deduction for interest on a home loan; ₹2,00,000 cap for self-occupied houses under the old regime
   • Sec 80C (now Sec 123)Deduction up to ₹1,50,000 including home loan principal and stamp duty, under the old regime
   • Sec 26, Income-tax Act 1961Co-owners with definite shares are each taxed on their own share of the property income
3. A

   Analysis

   If interest is ₹3,60,000 and you pay EMIs equally, each claims ₹1,80,000 under Sec 24(b), both within the limit. Each also claims their share of principal under Sec 80C (now Sec 123), within the old regime limit. A spouse who is a co-borrower but not a co-owner cannot claim. Pay EMIs from each person's account in the agreed ratio to support the claim.

4. C

   Conclusion

   1. 1Check both names are on the deed and the loan.
   2. 2Pay EMIs in the ownership ratio.
   3. 3Split interest and principal in each return.
   4. 4Keep the bank's certificate.

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