If there are two applicant in Home loan and one applicant is not taking the benefit of Intt on home loan than another applicant can take the full benefit of intt on home loan upto 2 lakh. please advise.
amar singh (student) (42 Points)
26 March 2016If there are two applicant in Home loan and one applicant is not taking the benefit of Intt on home loan than another applicant can take the full benefit of intt on home loan upto 2 lakh. please advise.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 28 March 2016
Suppose you and your brother take a home loan
If you are only person repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). You should enter into a simple agreement with the other borrowers stating that you will be repaying the entire loan. If you are paying part of the EMI, you will get tax benefits in the proportion to your share in the loan.
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