Housing Loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2011 Whether co-applicants can claim the deduction of housing loan repayment if one the applicant pays the amount?

CS LLB Pulkit Gupta

CS LLB Pulkit Gupta (Expert)
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26 February 2011 If joint home loan takers are also joint owners of a property, the income tax benefit is available to both in the proportion in which they pay the EMIs.

In your case, if you are paying all the EMIs, only you would be entitled to the income tax benefits.

K V Subba Rao

K V Subba Rao (Expert)
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26 February 2011 Similar view has been expressed in the following link--

http://www.apnaloan.com/home-loan-india/claimentiretaxbenefit.html

Any way, I am afraid, this course of action may not help you much, if the house is self-occupied, because for claiming Sec 80C Deduction and Interest expenditure u/s 24, there are ceiling limits

If the house been let-out, Interest expenditure u/s 24 could be claimed without any upper limit. In such situation, there may be benefit