Me and My Father has purchased One house(Registered Jointly) for 50 Lacs funded 25 lacs by Father and 25 Lac by Way of Loan (Joint name). I am Paying the Loan amount completely. House has been rented out. Need to know what exemption i can claim for Interest and how the income should be shown in whose hand.
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Treatment of h p income,interest in joint ownership
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Both may avail deduction u/s 24 as well as 80C. The rent received shall be shall be divided 50:50 and assessed under income from house property in both of their returns.
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