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Deduction U/s 80c for principle paid on house loan
The house property land is owned by 4 brothers. However the house loan was taken under the name of the 4 brothers and their spouses. Will the spouses be allowed deduction under Sec 80C and Sec 24?
Replies (7)
Yes 80C and section 24 deduction can be taken by the brothers and their spouses against their share of liability
I think provision says that for claiming the deduction you must be owner or coowner of the property,
so in my view deduction can be claimed by only 4 brothers
so in my view deduction can be claimed by only 4 brothers
The land is in the name of the brothers. But the house built on it is shown as an asset in everybody's books.
It should be shown as per co-owner share
As you are saying everyone is showing as an asset in their books and Every one is the borrower of loan then all are eligible to take deduction.
Please check the provisional certificate from the bank ,if the name of the spouse is mentioned over there then deduction can be claimed.
Hi
only 4 brothers are eligible for claiming deductions u/s 80C and 24 b. subject to that the everyone is repaying the loan.
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