Deduction available to joint owners of home loan
This query is : Resolved
CA. Somshankar Patra
(Querist)
01 June 2015
In case of co owners and co applicants of home loan (No separate agreement as to the proportion of sharing of property or loan), if a co applicant decide to pay the emi from his seperate account and another applicant decides to pay for the 20% value of the property (remaining value after loan) and 100% of the stamp duty.
Can the 1st co owner and co applicant claim deduction for 100% on repayment of principal and 100% benefit of Interest on loan for each of the previous years till loan continues.
And the 2nd co owner and co applicant, ask for 100% of the stamp duty value deduction in the year of property purchase.
Also please advise as to the other tax impacts in succeding years, such as Capital gains and SOP and DLOP for each co owner.
Can the 1st co owner and co applicant claim deduction for 100% on repayment of principal and 100% benefit of Interest on loan for each of the previous years till loan continues.
And the 2nd co owner and co applicant, ask for 100% of the stamp duty value deduction in the year of property purchase.
Also please advise as to the other tax impacts in succeding years, such as Capital gains and SOP and DLOP for each co owner.
Amol S Joglekar
(Expert)
01 June 2015
housing loan interest benefit can be claimed as per their proportion of ownership in the property.
the stamp duty can be claimed by any one in full OR as per the ratio used in above para.
the stamp duty can be claimed by any one in full OR as per the ratio used in above para.
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