My brother and I purchase a home for which both pay Instalment in equal share.
Can we avails deduction us-80c and Interest under House property gain both in equal share ?
Again, if share of property will differ than benefit of deduction will change ?
Deduction is avaliable to the extent paid out of each individual's account. Not the share in the property.
Regards
Sahana Murthy
See Akash, Sahana is right till the part that it is available to the extent paid out of individual's account.
So if in your case the amount of installment is being paid by your brothers account then you need to reimburse him your share of the liability. Then only you can claim the deduction or vice-versa.
Regards,
Rahul
1. yes u can share it but provided all the entries are made through bank..
2. yes it will be as per the substantial interest
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