Deduction available to joint owners of home loan
This query is : Resolved
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Capital Gain on EUITY Shares
- Scrutiny assessments u/s 143(2) for AY 25-26
- Itr 1 processing
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
