Hi,
I am M.Vasanth Kumar Reddy. Me and my brother took home loan jointly and money is deducting from my bank acc. But the property is registered with my father name.
How i and my brother can claim the tax ?
With Regrads,
M. Vasanth kumar Reddy.
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Income tax claim
Replies (1)
You can claim deduction of principal repayment of loan u/s 80C for upto 1.5 Lacs
You can claim deduction of interest component u/s 24 for upto 2 Lacs
You can claim deduction of interest component (other than the above 2 lacs, i.e additional amount) of upto 1 Lacs u/s 80EE [No double deduction allowed ]
You should claim this among yourself in ratio of your loan amount.
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