Interest and hra deduction

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mohit mehta (Querist)
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26 December 2009 Me and my brother have jointly taken a home loan for purchasing a house in delhi, but all the installments are paid by my brother and cheque also gets cleared from his individual saving account.

I am living at a separate rented place in delhi.

Is it possible that
1. my brother can claim the entire deduction of interest u/s 24 and principal u/s 80C.

2. I can claim HRA deduction?

Thanks in advance.

Barun Kumar Ghosh

Barun Kumar Ghosh (Expert)
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26 December 2009

1.Where a house property is owned by the co-owners is self-occupied by each co-owner, the annual value for each co-owner shall be Nil and each of the co-owners is entitled to deduction for interest under section 24. However, if the elder brother regularly pays the EMI, logically he should claim entire interest as deduction under section 24.Repayment of principal amount by the elder brother entitles him to claim deduction under section 80C.

2. You can claim exemption under section 10(13A)in rspect of HRA, so long you continue to stay in rented premises.

1. Where a house property is jointly

mohit mehta

mohit mehta (Querist)
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26 December 2009 thanks for your reply sir

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