I have taken the housing loan with two other co-applicants and the repayment is also made by all the three person but the 100% ownership of the property is lies with only one co-applicant. Can Deduction be claim by all the three co-applicants?
I have taken the housing loan with two other co-applicants and the repayment is also made by all the three person but the 100% ownership of the property is lies with only one co-applicant. Can Deduction be claim by all the three co-applicants?
As per my opinion, deduction can be claimed only by persons who share ownership in the property.
Other experts may make necessary correction..
Yes it is necessary to be owner/co-owner for getting tax benefits under Income tax Act.Other co-applicants can not get deductions.
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