Property owned by co-owners

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girish mangla (Querist)

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)

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)

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)

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

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