Property owned by co-owners

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girish mangla (Querist)
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23 October 2009 Dear Sir,

Please answer the following query-
If a single property is owned by more than one owner and a loan has been availed on that proerty whether full tax benefit of interest and principal repayment can be availed by any one co-owner, if yes plese tell me about under which section and how?

Thanks & regards

Girish Mangla

HARI K V

HARI K V (Expert)
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23 October 2009 Yes, one of them can avail the benifit of payment of interest on the borrowed capital. It concerns with section of the IT Act, but u ll get it confirmed, wen u go thru any case laws of similar nature.

Deepak Goel

Deepak Goel (Expert)
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24 October 2009 Yes, any one of them can avail benefit of payment of interest on borrowed capital in a joint property but the loan should be in one name (any of them) only.

K V Subba Rao

K V Subba Rao (Expert)
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24 October 2009 You will be eligible for tax benefits in the proportion of your share in the loan. Visit http://www.rediff.com/getahead/2009/jan/23got-a-home-loan-query.htm

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