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Housing Loan

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(Querist)
03 February 2009 Sir,

If the housing loan is in joint name what is the percentage they can claim as incometax exemption pls let me know
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 February 2009 1) In proportion to the ownership of the house.
OR
2) In proportion to the repayments made by the co owners.
Pl note that there is no hard and fast rules. Assessee has to substantiate the claim on a reasonable basis as suggested above among others.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
04 February 2009 It is always in the proportion of their respective repayments.
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