Housing loan rebate

This query is : Resolved

ajay (Querist)
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16 March 2018 SIR, WE HAVE TAKEN HOME LOAN IN FY 2017-18 JOINTLY (IN NAME OF BROTHER AND SISTER) NOW WE PAID 2.5 LAC IN HOUSING LOAN ACCOUNT (2 LAC INTEREST AND FIFTY THOUSAND IN PRINCIPAL. NOW I WANT TO ASK THAT AS MY SISTER INCOME IS HIGHER AND WE WANT TO TAKE FULL DEDUCTION OF RS. 2.5 IN SISTER ITR CAN I DO THIS. AND SECOND ISSUE IS FIRST NAME IN HOUSING LOAN IS BROTHER NAME. PLEASE REPLY IN DETAIL

Read more at: https://www.caclubindia.com/experts/joint-housing-loan-rebate-2637554.asp

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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16 March 2018 I assume that you three jointly own the property as well as you three have jointly availed housing loan.

1st issue: Deduction can be availed on the basis of Actual amount of contribution of amount paid for home loan during the year

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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16 March 2018 2nd issue: Order of ownership is not a concern in claiming housing loan rebate

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