Interest on borrowed capital for self occupied property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 Sir, Kindly advice the following for allowing deduction under chaper 24.
Q: A & B are husband and wife and both are working in a different organizations of the Govt. of India and had occupied a house property on 50%-50% basis.They have borrowed a capital from a nationalized bank and applied for deduction of rebate on interest paid by them on the borrowed capital. Kindly advise whether deduction could be allowed to the both GOvt. Servants or otherwise.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 September 2011 Both of them will be elgible for deduction of interest paid on housing loan.

Rahul Gupta

Rahul Gupta (Expert)
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24 September 2011 Yes, Agreed both of them will be eligible. Also, ensure they the repayment of principal and interest will be made by both of them.

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