Home loan interest deduction

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

Thanks for the quick response. Please help me with the below example: A,B,C,D - 4 owners, 25% ownership each. Loan applicants - A and B (only 2 applicants) Property Value - 80 lakhs Loan applied - 60 lakhs Can A and B: 1. claim interest deduction on full loan amount of 60 lakhs? OR; 2. Claim interst deduction only on loan amount equivalent to value of property multiplied by ownership in property, i.e. 40 lakhs (25%+25%=50%*80lakhs)

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").