Tax deduction in case of joint home ownership and joint borrowing
Sunil Sharma (Associate Vice President) (55 Points)
07 January 2016Sunil Sharma (Associate Vice President) (55 Points)
07 January 2016
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 16 January 2016
Hello,
If you are only person repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). You should enter into a simple agreement with the other borrowers stating that you will be repaying the entire loan. If you are paying part of the EMI, you will get tax benefits in the proportion to your share in the loan.
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