ABC_caclub (XYZ) (27 Points)
28 February 2015
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 28 February 2015
Dear Sir
You can claim deduction on total interest paid during the year on proportionate basis in share of ownership.
Example:-
Interest paid during the year 2014-15 Rs. 150000
Share of Ownership 50% Each
Total Deduction For "A" (150000*50%) 75,000
Total Deduction for "B" (150000*50%) 75,000
ABC_caclub
(XYZ)
(27 Points)
Replied 28 February 2015
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 28 February 2015
Dear Sir
1. As (Mr. A and Mr. B) are the applicat and the repayment should be route from their account.
2. Loan Borrowing Document should be in the mane of Mr. A and Mr. B.
You could claim deduction of interest on whole loan amount in proportionate basis (i.e. 50% of "A" and 50% of "B").
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