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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
