Housing loan

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Ajay (Querist)
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21 September 2012 Mr.X Purchased a house
Mr.X n his wife ( Mrs. Y) are the co-owner of the Housing loan taken from bank.

my question is can X n Y both claim deduction of Housing Loan.

HARI KRISHNA

HARI KRISHNA (Expert)
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21 September 2012 NO ONLY ONE PERSON CAN CLAIM DEDUCTION. THE OWNER OF THE HOUSE CAN CLAIM DEDUCTION

ACMA Obulirajan R

ACMA Obulirajan R (Expert)
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21 September 2012 If the loan is taken by the husband and wife then they can avail the deduction proportionately. i.e. 50:50, 30:70 etc., depends on loan agreement.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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21 September 2012 Agree with Hari Krishna.

Only co-borrowers who are also co-owners of the property can claim deduction on interest paid.

If a person is not a co-owner but is a co-borrower, then he/she CANNOT claim tax deduction.