Interest claim in case of joint prorerty loan
This query is : Resolved
PAWAN NARANG
(Querist)
05 May 2010
I have Purchased a house on Joint Name by taking home loan on the same joint names. At the end of year, Banker have charged interest. Now my query is that who can claim deduction of interest for calculating taxable income & tax?
-since only one member of the two is th eearning member & he wants to claim total interest on his name.Can he do so?
Regards
Gaurav Kumar
-since only one member of the two is th eearning member & he wants to claim total interest on his name.Can he do so?
Regards
Gaurav Kumar
CA BIREN SHAH
(Expert)
07 May 2010
proposnate interest will be allowed as deduction u/c 80C.total interest will not allowed to single person.
Rahul Gupta
(Expert)
07 May 2010
Agreed. Interest paid is claimed only in proportionate to the share by both members.
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