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Housing loan

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This query is : Resolved

CA.Saurabh Sharma (Querist)
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09 March 2012 If there are 3 co applicants example A,B and C for one housing loan and same are co owner for property in question. now my ques is that suppose all repayment of loan is paid through one co applicant Mr.A bank Account. so now if
Mr A and Mr B gives undertaking to Mr.C that they will not claim any deduction u/s 80C.
So is it possible for Mr C to Claim deduction u/s upto Rs 100000 for repayment of loan even if he has not paid EMI's via his own bank account?
Also can Mr C claim deduction u/s 24 (b) upto 150000,even if he has not paid any EMI from his own account.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 March 2012 So such procedures under section.24(b) of the Income tax. giving undertaking and claiming deductions. all co applicants are eligible to claim. also section specifies the Interest payable, so which bank account debit immaterial. also interest certificate will be provided in the name of all co owners only

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