Property owned by co-owners
This query is : Resolved
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
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
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.
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.
24 October 2009
You will be eligible for tax benefits in the proportion of your share in the loan. Visit https://www.rediff.com/getahead/2009/jan/23got-a-home-loan-query.htm
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
