Housing Loan

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CA Anand Sarda (Querist)
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20 April 2009 I Have taken a housing loan for a property. The entire amount is taken in my name. But the property is registered in the name of 3 people(Myself , My wife & My Mother). Now my question is “ can we all three people take the benefit of interest and loan repayment under Income Tax Act. There is no agreement for our share in the joint property.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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20 April 2009 In the absence of agreement the equall share shall be considard. So the benefit will be accordingly.

CA Anand Sarda

CA Anand Sarda (Querist)
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20 April 2009 Though my wife and my mom is not paying any principal and loan, can they take the benefit of deduction under IT Act.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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20 April 2009 In case of Co-owner (or joint owner)deduction u/s 24(b) can be claimed by each of them separately if they satisfies the condition of section 24(b) & the limit of Rs. 150000 / Rs 30000(if the property is self occupied)is applicable to each of them separately.
Since your wife and mom is not paying any principal and loan, they do not satisfies the condition of section 24(b), and hence they can not claim deduction u/s 24(b), in respect of interest on loan