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.
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
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