sir, my father and me take home loan joint RS.73 lakhs, both are income tax assessee, every month EMI fully paid me by bank. father has no contribute. now income tax deduction interest and principal, who will claim ?
son or father
or
50: 50?
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income tax decduction
Replies (4)
if loan take jointly the each of loan holders claim deduction from home loan
interest upto 200000 u/s 24 (b) under house property and principle amount upto 150000 u/s 80c
balance amount of interest if more than 200000.
can be claim under section 80e if further condition satisfy ..
interest upto 200000 u/s 24 (b) under house property and principle amount upto 150000 u/s 80c
balance amount of interest if more than 200000.
can be claim under section 80e if further condition satisfy ..
check whose taxable income is higher. accordingly that persons share will be higher say 60:40
but both of them shud be the owners of the house property else deduction will not be allowed. father can reimburse by cheque his share of emi in your account. make an agreement on a stamp paper to determine your shares in the house property.
but both of them shud be the owners of the house property else deduction will not be allowed. father can reimburse by cheque his share of emi in your account. make an agreement on a stamp paper to determine your shares in the house property.
24(b) interest repayment can be claimed by both son and father however deduction of principal amount repayment u/s 80C shall be totally claimed by the person who is actually paying it i.e son in this case
agree with ruchika somani
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