Section 80C

Under Section 80C of the Income Tax Act, any repayment made towards a home loan of a ‘self-occupied’ property, up to a maximum of Rs 100,000 per assessment year, is exempt (under the overall deduction under Section 80C, up to Rs 1 lakh for the financial year 2013–14 (Rs 1.50 lakh for 2014–15). Co-owners of the property, who are also joint borrowers of the loan, can individually claim deduction up to the amounts they have repaid to the loan.