03 February 2009
You have to enter into an agreement before claiming the same. The same should have been submitted to bank. Otherwise the Ao on the basis of bank loan ie when they are sanctining loan based on each individual they will arrive at the amount and sum up and give the loan. On that basis the assessing officer will allow the deduction.
04 February 2009
It is always in the proportion of their respective repayments. One can not justify the claim of deduction if the amount claimed is not repaid by him or her. No doubt one should be the owner of the property in question but the claim can not be substantiated on the ground of ownership if there is no repayment by the co-obligant to the housing loan. As such, it is the amount of repayment of loan whereby the proportion of claim for deduction is decided.
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