Hello sir,
I bought house f.y 16-17 and in my name and brother ..I have taken loan both name include but loan emi payment is deduct only my bank account..so I have prob that Both have dedcution interest half in section 24b and Principal 80-c..can do it? just help me..
Total Emi 134840 .so I am taking half 67420 rs( 134840/2) cheque amount is taken and credit my account..so can we do deduction both ? or only me?
Yes It allowed..General practice..No specific rules or clarification bt Income tax department..but You can take deduction of interest u/s 24b and principal u/s 80C half - half as the purchase agreement.
V.K. Ranjan & Co(Chartered Accountants)
New Delhi
B.Com
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