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.
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