Interest / Principal on Housing Loan
This query is : Resolved
SANJAY KUMAR AGARWAL
(Querist)
19 March 2011
If a housing loan is taken by jointly Three Co-borrowers :
Case1: repayment is made by all the borrowers equally , can all the three borrowers claims deduction proportenately i.e 1/3 each.
Case2: repayment is made by only Two of the borrowers can the two borrowes claim the tax deduction 1/2 each or can the third borrower also claim the rebate/deduction.
Case3: repayment is made by only one borrower , can he alone claim the deductions, or all the three can claim the deduction.
Case1: repayment is made by all the borrowers equally , can all the three borrowers claims deduction proportenately i.e 1/3 each.
Case2: repayment is made by only Two of the borrowers can the two borrowes claim the tax deduction 1/2 each or can the third borrower also claim the rebate/deduction.
Case3: repayment is made by only one borrower , can he alone claim the deductions, or all the three can claim the deduction.
CMA Nishad Patkar
(Expert)
20 March 2011
I presuppose that You must be talking about deduction u/s 80 c and in Each case Deduction is available only to persons who actually repay the loan and proof of repayment of principle and interest is mandatory.
I presuppose that You must be talking about deduction u/s 80 c and in Each case Deduction is available only to persons who actually repay the loan and proof of repayment of principle and interest is mandatory.
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