Deuction for housing loan emi (Income Tax)

This query is : Resolved

Nitin

( Author )
29 July 2012

The property is the name of a father and son ,son pay all EMI ,shares in the property are not defined in the deed ,is this correct on the son part to claim all deduction as allowed for interest and principal in his ITR .Also at the time of filling as this year it is mandatory to mention the share of the property if property is co owned ,how to write the % share if it is not defined ,if we he write as 50% ,will it make any difference as he is claiming for full interest and principal amount as allowed and paid by him.

CA M Indani

( Expert )
30 July 2012

frnd..if share is not determined in property n all installments are paid by son out of his income why u r showing 50% share only...show 99%...n claim maximum deduction ..n even u show 50% share, it will not make any differnce..but be ready to convince your ITO for the same..