Joint loan - proportion of claiming deduction u/s 24(b)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2012
If my wife and I have taken a home loan for a non-self-occupied house, is it possible for one person to claim the entire interest amount as "loss of income from house property" u/s 24(b), while the other person claims the entire principal repayment? If not, in what proportion should both be claimed? The rental income is deposited in a common joint account.
26 July 2012
No, the proportion of claim should be based on the ownership proportion in the property, if not mentioned anything, need to claim 50:50 ratio.
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