Deduction related to house property

This query is : Resolved

Rohit Gami (Querist)
Follow

28 January 2013 supposed A and B purchase property jointly and take home loan but installment of home loan is paid from A's A/C only then whether B can claim deduction for repayment of principal and Interest

@VaibhavJ

@VaibhavJ (Expert)
Follow

28 January 2013 hey hi,

B can not claim any amt as deduction in the event when payment is made by only A.

Person on whose name loan is taken is only eligible to claim deduction.

Thanks!!

Rohit Gami

Rohit Gami (Querist)
Follow

28 January 2013 but loan taken jointly but only payment made from A's bank A/C for installment

@VaibhavJ

@VaibhavJ (Expert)
Follow

28 January 2013 hey

if loan taken jointly then, A has to give self declaration about no claiming of benefit & he has paid EMI on behalf of B.

Thanks!!

CA Rahul Trada

CA Rahul Trada (Expert)
Follow

01 February 2013 Mr.B can claim benefit when both have to declare as under:

In books of account of Mr. A : Mr.A has given loans and advances to Mr.B as equals to or excess of the part of Principal and Interest.

And In Books of Account Mr.B showing unsecured loan under liabilities side

But u know that none of the Income tax provision is in violance....

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now