Housing Loan Interest
This query is : Resolved
30 March 2011
Suppose the loan has been applied in joint names (brothers) & house property in both their name, but the EMI from first holder bank account only. Property has been let out, rent receipts in their joint account. Can the first holder claim full interest deduction u/s 24 as he is paying the EMI
Suppose the loan has been applied in joint names (brothers) & house property in both their name, but the EMI from first holder bank account only. Property has been let out, rent receipts in their joint account. Can the first holder claim full interest deduction u/s 24 as he is paying the EMI
CA Navin Jain
(Expert)
30 March 2011
yes, its possible
CA.ViVeK M ACA
(Expert)
30 March 2011
Why not, he can claim the deduction
30 March 2011
Thankyou Mr Navin & Vivek
Furhter to my query, in co-ownership, the income under the head house property after reducing standard deduction and deduction of interest shall be equally distributed among both the coowners.
So how can the first holders claim full interest?
Furhter to my query, in co-ownership, the income under the head house property after reducing standard deduction and deduction of interest shall be equally distributed among both the coowners.
So how can the first holders claim full interest?
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