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.
HARI KRISHNA
(Expert)
21 September 2012
NO ONLY ONE PERSON CAN CLAIM DEDUCTION. THE OWNER OF THE HOUSE CAN CLAIM DEDUCTION
ACMA Obulirajan R
(Expert)
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.
K Srinivas, CMA CS
(Expert)
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- GSTR9 Annual Return
- Applicability of tax on invoice
- Form 144 TDS Return Validation error
- Capital Gains Tax on Inherited Mutual Fund
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
