Y dont you respond...

Tax queries 779 views 6 replies

Revathi

MBA Pursuant

109 Points Joined April 2009

Hey all, it has been days i posted the below query!!! what happened to you all? y dont you respondddddddddddddddddddd... can any1 tel me whether interest on borrowed capital in case of joint housing loan be claimed fully by any1 of the joint loan holder if the other person furnishes a letter from his/her company to the effect that he/she does not claim d same. for ex. A and B jointly takes a housing loan and pays interest to the tune of 240000p.a. can A claim d full exemption of 240000 if B gives a letter from his company dat it is not claimed by him for d purpose of IT. i read somwr dat d joint loan holders can individually claim full interest. if yes, pls tel me an authorised site so i can show my colleagues.

Replies (6)

Pramod

CA Final

65 Points Joined January 2008

yes

Pramod

CA Final

65 Points Joined January 2008

The joint account holders (owners of the property) can claim income tax benefits individually.

R Ramu

articles

49 Points Joined May 2011

Interest in case of a joint housing loan cannot be claimed by only one person, It should be shared by both the persons in the ratio of their liability or deed between them. And repayment of principal for deduction u/s 80c should also be claimed in the same ratio as above.