Income from house property
This query is : Open
ASHESH BHARDWAJ
(Querist)
03 September 2015
My parents have house property as 50% owner each. Their is loan for which interest is being paid . We are claiming the interest equally for both my parents IT return. My mother's income does not cross the limit of Rs.250000. Can we claim maximum interest in my father's IT return. Please advice.
04 September 2015
No it is not possible since they are co-owners. interest deduction will be available equally.
CA PARTH SHAH
(Expert)
06 September 2015
If you want to claim full interest deduction in your father's IT return, then he should pay full EMI from his own bank account. THen he can claim full deduction in his return
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