03 March 2008
my house is jointly owned by my mother and we two brothers. we have taken a house loan and paid Rs. 166000 as interest. can i and my brother both can claim deduction of Rs.83000 as total deduction limit is Rs. 150000.
If house is joint and brother is also paying loan from his own income, he can claim the deduction. But it will be helpfuul to decide the share in house of each of the joint holder and share in loan of each of the joint holder.
03 March 2008
if loan is paid proportinately then you will get deduction 1/3 of the loan payment if loan amount is paid by one person then full deduction is not availalble to you or your brother
CAclubindia
