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Deduction u/s80(c) for 4 family members for joint property

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   4 family members,from a joint family  wants to purchase a  old bungalow  , as 2 nd residence, can bank give them HOUSING LOAN , can all Individuals claim deduction u/s 80(C)and interest  u/s 24 for the proportionate loan repayment of that housing  loan, as property will be in  the name of all the persons( mostly in equal ratio)

Replies (1)

can bank give them HOUSING LOAN ,

Yes, if not over 20 years old ......... on its depreciated value.......

can all Individuals claim deduction u/s 80(C)and interest  u/s 24 for the proportionate loan repayment of that housing  loan

Yes, if co-owners & co-borrowers......... subject to actual payments made by each.....
 


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