deduction u/s 24b
This query is : Resolved
31 July 2009
Can a co-applicant is eligible to get deduction u/s 24b for payment of interest on housing Loan and 80C for repayment of Loan. if yes, please tell me relavent case law or section.
01 August 2009
If it is a Co-owners Either of them can claim interest upto 1.50 Lacs ( Only one can claim not both).
In case of co-applicant, Only the owener can claim the deduction and not the co-applicant.
As per IT- Sec 22 Who is owner:
It is the legal owner of a house property.
In case of co-applicant, Only the owener can claim the deduction and not the co-applicant.
As per IT- Sec 22 Who is owner:
It is the legal owner of a house property.
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