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Deduction wrt HL interest and repayment

RANJITHA.L (Proprietor) (28 Points)

15 February 2017

What are the basic conditions for claiming deduction wrt HL Interest and repayment?Whether all the three conditions land in own name,building in own name and HL in own name to be fulfilled? Whether 50% of deduction claimed will be disallowed if land and building are in assessee's name but for the HL spouse is a co applicant or joint applicant

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 15 February 2017

For HL deduction: the borrower (or coborrower) should be owner (or co-owner) of the property. But for loan sanction the title of the property should be clear in the name of owner (may be jointly), land may be leased/rented one or owned by any one of the co-owners.