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Interest on Housing Loan

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(Querist)
01 September 2008 If a loan is taken on a house property and the loan is opened jointly in the name of more persons then who can claim deduction of interest on housing loan. Also who can claim principal amount as deduction.
What will be the sitution if the propety has co-ownership of two or more persons.
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SRIKANTH

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SRIKANTH (Querist)
01 September 2008 If a loan is taken on a house property and the loan is opened jointly in the name of more persons then who can claim deduction of interest on housing loan. Also who can claim principal amount as deduction.
What will be the sitution if the propety has co-ownership of two or more persons.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
01 September 2008 In the case of co-ownership where the shares in the property are ascertained and determined, then each co owner can claim deduction inrespect of his own share of re-payment. Pl. refer to section 26 of IT Act.
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SRIKANTH

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SRIKANTH (Querist)
01 September 2008 what if the property is owned by a single person but the loan is taken in the name two or more persons.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
01 September 2008 The interest on housing loan is available to the owner only.
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