if assesse is a co- owner of house property, he/ she take loan for construction of house property and interest paid fully him/her self. The loan was taken for their spouse name but loan amount credited to his/ her bank. what is the eligibility of interest deduction
u/S 24b of income tax act.
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Eligibility of deduction u/s 24 b
Replies (4)
In this Case on the basis of ratio of ownership interest deduction to be given as we do in case of rental income
Interest deduction available in the ratio of ownership
Interest certificate would be issued in the name of loanee, and the said person can only take deduction, assuming both are co-owner of the property.
If Interest certificate has both co-owners name then you may claim for both
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