Deduction u/s24(b) by co-owners
My client and his Brother had a Joint Account and taken a Home Loan on it. Now the question arises that whether they both can claim Interest
on Home Loan as deduction u/s24(b) fully or 50:50????
House type: Self occupied
Replies (3)
1) Housing loan should be from a recognized Hsg Finance Co
2) House should be in Joint name
3) Housing loan should be on joint name.
4) Principal and Int on borrowed Capital should be shared 50:50.
What about Interest on Home Loan ???
Should they divide equally or claim full amount u/s 24(b)???
S.No 4 is clear - Int on Borrowed capital means Int on Housing loan.
I would like to add here. If A is the payng the entire EMI by any chance bcoz B was not able to finance that Then A should take both Principal and Int .
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
