LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

PROPORTIONATE RATIO OF HOME LOAN INTEREST BETWEEN FATHER AND SON, SPOUSE WHILE REPAYMENT

shaikh sajeed (Associate) (150 Points)

18 February 2020

In what ratio HOME LOAN INTEREST AND PRINCIPAL AMOUNT BE DISTRIBUTED among father and son, wife and husband? In what percentage the amount be calculated while income tax payment.?

Reply
Follow
Share

6 Replies

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 18 February 2020

What about property's shareholders?

shaikh sajeed (Associate) (150 Points)
Replied 18 February 2020

Father's property

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 18 February 2020

Property owner only can claim that benefit of home loan deductions...

shaikh sajeed (Associate) (150 Points)
Replied 18 February 2020

If its in the agreed ratio between the two parties then???

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 18 February 2020

If property owners is two or more then they can claim deduction who is in the property owners...

Condition is who will claim deduction they must be owner of the property...

1 Like

Kapadia Pravin (17249 Points)
Replied 19 February 2020

He must have taken housing loan in his name or as a co-borrower

He must be owner or one of the co-owners

The house / flat must be chargeable under iFHP as SOP

Each co-borrower gets 2 lakhs limits under 24(2) towards interest deduction under 24(2).

1 Like