Hi Gurus,
Can you through some light in this situation.
Facts
1) Housing Loan taken by two brothers jointly in ratio of 50:50 during PY - 2008-09.
2) Possession for property taken in PY - 2008-09 itself.
3) Ownership is also 50:50
4) Loan repayment made by one brother only as of now. Starting Apr-09 both the brothers will repay the loan jointly.
Question - For PY - 2008-09
A) Whether both the brothers can claim interest deduction in the ratio of 50:50?
B) Or only the person paying is eligible for deduction?
Pls clarify.
TIA
CAclubindia
