Housing loan rebate
This query is : Resolved
16 March 2018
SIR, WE HAVE TAKEN HOME LOAN IN FY 2017-18 JOINTLY (IN NAME OF BROTHER AND SISTER) NOW WE PAID 2.5 LAC IN HOUSING LOAN ACCOUNT (2 LAC INTEREST AND FIFTY THOUSAND IN PRINCIPAL. NOW I WANT TO ASK THAT AS MY SISTER INCOME IS HIGHER AND WE WANT TO TAKE FULL DEDUCTION OF RS. 2.5 IN SISTER ITR CAN I DO THIS. AND SECOND ISSUE IS FIRST NAME IN HOUSING LOAN IS BROTHER NAME. PLEASE REPLY IN DETAIL
Read more at: https://www.caclubindia.com/experts/joint-housing-loan-rebate-2637554.asp
Read more at: https://www.caclubindia.com/experts/joint-housing-loan-rebate-2637554.asp
K Srinivas, CMA CS
(Expert)
16 March 2018
I assume that you three jointly own the property as well as you three have jointly availed housing loan.
1st issue: Deduction can be availed on the basis of Actual amount of contribution of amount paid for home loan during the year
1st issue: Deduction can be availed on the basis of Actual amount of contribution of amount paid for home loan during the year
K Srinivas, CMA CS
(Expert)
16 March 2018
2nd issue: Order of ownership is not a concern in claiming housing loan rebate
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