Joint house loan interest section 24(b) regarding.

This query is : Resolved

RAJNISH MISHRA (Querist)
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09 January 2015 On the basis of following grounds it may please be explained that only one of the co-owner can avail the full benefit of HL Interest u/s 24(b) and benefit u/s 80C of Principal amount or not:
1. Joint Loan has been taken by Son and Mother in the contribution and ownership ratio of 75:25 respectively.
2. Both of them are employed in government job.
3. Mother is availing the benefit under neither section 24(b) nor 80C.

Hence as mother is not availing the benefit of it hence if son wants then he is eligible to avail the full benefit of tax or not?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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09 January 2015 Though mother is eligible for claiming both deductions in her ratio i.e. 75% if she is not availing the said benefit son can claim full benefit if he is paying the entire home loan installment. He may enter into agreement with his mother in this regard for documentary evidence.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 January 2015 no, the son can avail in the ratio of 1/3 only as bal is paid by the mother.

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