I have taken Housing Loan,
property is joint with me and my mom, first name is my mom's name, second my name,
Bank has given loan, to my mother's name, which she is main holder property, and loan has been credited to SB account where it's is joint account, and for repayment bank has taken my ITR returns, and EMI will be debited from my SB account,
so please let me know how to take benefits of interest, under deductions
whether I can take fully deduction or 50 %...
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How to Take Interest deduction
Replies (2)
Is loan also both name...?!
Deduction is based on the ownership of property. If property is registered jointly, then deduction shall be availed 50% by one owner and 50% by another.
If property is owned by a single person only, then only that person will be entitled to Deduction of interest.
If property is owned by a single person only, then only that person will be entitled to Deduction of interest.
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