I had taken home loan last year. My Mom is joint co-applicant in that home loan along with me.
Last year, full deduction of interest and principal was taken by me.
But this year we want to take this deduction from my Mom's salary or half from mine and half from my Mom's salary.
So, is it possible that we will take this benefit accordingly in subsequent year? or I only suppose to take that benefit in subsequent year as I had shown that in my calculation first time?
Can you please resolve my queries, at your earliest.
25 April 2014
You can take benefit of interest deduction proportionally. you can claim deduction half from your salary and half from your mom's salary. Calculation of previous year for interest was wrong. Don't repeat it again.
25 April 2014
since you had fully taken the benefit last year and now if u take only 50% then you may be questioned for last yearavilment of deduction and may fall in trouble so better u continue what u did last year.
CAclubindia
