house loan interest deduction
This query is : Resolved
Shruti Jain
(Querist)
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.
03 March 2008
Dear Shruti,
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.
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.
CA Hemant T Dewani
(Expert)
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
if loan amount is paid by one person then
full deduction is not availalble to you or your brother
Devendra Mishra
(Expert)
03 March 2008
Yes you can proportinately take benifit.
CA. Kirti S. Ganatra
(Expert)
03 March 2008
Yes you can proportinately claim so as per payment made
03 March 2008
CAN TAKE BENEFIT PROPORTIONATELY
VIPUL BHANDARI
(Expert)
03 March 2008
yes dear Proportionately u can claim the deduction, but overall limit of Rs. 150000.00 is per head so u can continue with u idea
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