Tax deduction in case of joint home ownership and joint borrowing
In case of joint home loan and joint property ownership with spouse, can one of them claim complete interest on the loan for computation of income from house property where it is a deemed to be self occupied or should they split the interest in some ratio
Replies (1)
Hello,
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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