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Joint loan - proportion of claiming deduction u/s 24(b)

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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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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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