ACIT v. Laxmi Associates - Section 80C deduction for joint housing loan repayment

The ITAT Mumbai Bench held that a co-borrower who is also a co-owner of the residential property is entitled to claim Section 80C deduction on his share of principal repayment of the housing loan. The Tribunal clarified that Section 80C allows deduction to the person who actually pays/repays the amount, and where multiple co-owners jointly service the loan, each is entitled to deduction proportionate to their share of repayment. The Assessing Officer's contention that deduction is available only to the person in whose name the property is registered was rejected.

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