Interest on housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 December 2011
Self and Spouse are co owners of a self occupied property wherein the spouse has contributed 90% of equity as against self contribution of 10%. However EMI on Loan is being shared equally.
Both are Joint applicant to the loan, working and with independent source of income. Interest portion for EMI for current FY 11-12 (AY 12-13) is 3.60lakhs
Query: What is the ratio in which can each of us share the interest on self occupied property: 50:50 or 90:10
Both are Joint applicant to the loan, working and with independent source of income. Interest portion for EMI for current FY 11-12 (AY 12-13) is 3.60lakhs
Query: What is the ratio in which can each of us share the interest on self occupied property: 50:50 or 90:10
Aijaz Shaikh
(Expert)
09 December 2011
Deduction u/s 24 & 80C is based on ownership, if ownership agreement provides the ownership in ratio of 90:10.
Deduction will be availaible as follows:-
1 Case:
Ownership-90%
if Rs. 100/- is paid by each Rs. 90 will be availaible
2 Case
Ownership-10%
if Rs. 100/- is paid by each Rs. 10 will be availaible
Deduction will be availaible as follows:-
1 Case:
Ownership-90%
if Rs. 100/- is paid by each Rs. 90 will be availaible
2 Case
Ownership-10%
if Rs. 100/- is paid by each Rs. 10 will be availaible
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