Tax benefits u/s 24(b)

This query is : Resolved

Gouri Sankar Paul (Querist)
Follow

12 March 2014 Sir,

We have one vacant land with joint property between my two brothers. We are 56+ & 58 years old edged. We like to build a one building construction for our solely residential purpose. We have to borrow a loan from Bank. As the land is in the name of two brother may we get tax benefit from Income Tax? iF so then what may be the criteria to get it.
1. If we get Tax benefit from department then the benefit will be divided from both of our brothers personal Income Tax file, or not?
2. If we do Family Affirmation Partition Deed to borrow separate Loan from Bank then isi is possible to get separate Tax benefit from Department?

Please help me to to solve the problem

Raghvendra

Raghvendra (Expert)
Follow

19 March 2014 You need to do Partition Deed and get a separate loan from Bank. If you construct the home then deduction can be claimed by both the person , subject to
1- 2 Separate Home to be constructed.
2- Payment of EMI shall be from Individual Bank account and
3- House to be completed for claiming Interest in the same year.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Shantaveeresh Manur

AJAY Kumar Agrawal

RATI MALU

ASHOK KUMAR TEKURU

RISHI LATTA

Subscribe Now

Tax benefits u/s 24(b)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANT

Manager- Finance and Compliance

Senior Executive

Accountant

GST CONSULTANCY