deduction u/s 24b
This query is : Resolved
ram niwas aggarwal
(Querist)
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.
Prakash Kanaka M.P.
(Expert)
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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