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House property

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2013 Dear Sir
>Me and My brother Buy a house by taking loan, and hose is in co-ownership..
>While applying loan my brother is co-applicant and i main applicant
>how much benefit i utilized U/c 80c and 24 i.e. 50-50% of total or 100-100%
>for utilise that benefit repayment should made through individual a/c or joint a/c is there any kind of such rule please guide me....
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
07 August 2013 1. The benefit will be shared equally by the co-owners.
For eg. if total repayment is Rs. 1,00,000, both co-owners will claim Rs. 50,000 as deduction.

2. There is no provision as to the bank account from which repayment is to be made. It can be made from any account.
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