Housing loan
This query is : Resolved
21 September 2012
Mr.X Purchased a house
Mr.X n his wife ( Mrs. Y) are the co-owner of the Housing loan taken from bank.
my question is can X n Y both claim deduction of Housing Loan.
Mr.X n his wife ( Mrs. Y) are the co-owner of the Housing loan taken from bank.
my question is can X n Y both claim deduction of Housing Loan.
21 September 2012
NO ONLY ONE PERSON CAN CLAIM DEDUCTION. THE OWNER OF THE HOUSE CAN CLAIM DEDUCTION
21 September 2012
If the loan is taken by the husband and wife then they can avail the deduction proportionately. i.e. 50:50, 30:70 etc., depends on loan agreement.
21 September 2012
Agree with Hari Krishna.
Only co-borrowers who are also co-owners of the property can claim deduction on interest paid.
If a person is not a co-owner but is a co-borrower, then he/she CANNOT claim tax deduction.
Only co-borrowers who are also co-owners of the property can claim deduction on interest paid.
If a person is not a co-owner but is a co-borrower, then he/she CANNOT claim tax deduction.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- GST ON DAMAGED GOODS
- Specified Profession
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG on ETF gold & silver
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
