Housing loan deduction
This query is : Resolved
CA Namrata Shetty
(Querist)
09 June 2010
Assessee alongwith 2 other family member owns a house. But deduction of the housing loan interest and principal repayment is entirely claimed by assessee only.The other 2 members also file their returns showing salary income. Is this allowed?What will be the consequenses?
Sunil Kr. Sanganeria
(Expert)
09 June 2010
If the asssessee alone is repaying Housing loan, in that case assessee can claim deduction for both repayment and Interest.
If other co-owner is also paying, in that case assessee can claim only for the amount paid by him.
If other co-owner is also paying, in that case assessee can claim only for the amount paid by him.
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