Tax benefits u/s 24(b)

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Gouri Sankar Paul (Querist)

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)

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.

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