Housing loan deduction issue

Can IT officier deny deduction regarding intt due to the fact that loan repayment is made by one brother only?
 

u have mentioned that the loan is taken 50 : 50, what about the ownership? is it also 50:50 between the brothers ?

the deduction always depends on the ownership

Ownership is also 50:50
 

Hi,

The deduction is based on ownership only.

In this case the deduction of Rs 100000 under sec 80 will be apportioned between both the brothers in the ownership ratio ie 50:50.

And the deduction of Rs.150000 under section 24 for the interest amount will be available for Rs 1.5L for both the brothers individually.

Thanks!!!!

only the person who is paying interest is allowed to take deduction on such interest amount actually paid. So this deduction is on payment basis. If only one brother pays the interest he allowed to take duduction proportionately on his loan amt (i.e.50%)
 

Interest can be claimed as deduction in 50:50. As interest is allowed as deduction on accrual basis and not on payment basis.

IN the above query,.

Both the persons can claim the interest whether the second brother has started paying the interest or not...as the ACt uses the words "the amount of any interest 'payable' on such capital".

And as for the amoutn of deduction they are enhtitled to have;  Explanation    to Sec.26 clearly provides that in case of co-ownership, each person shall be individually assessed for the relief for his portion only....

hence each of the brothers shall be entitled to have a deduciton fo Rs.150000