01 July 2013
whether co applicant for housing loan ( not an owner) can claim deduction under sec 24b?
Eg. A is owner of a plot he wants to construct a house. He makes his spouse as a co applicant( not being an co-owner) for the loan. she is earning salary from somewhere and also filing returns. Whether both A and his spouse can claim deductions separately?
01 July 2013
If she is only made co applicant for guarantee of loan (in most case bank ask for co-applicant as substitute of guarantor) payment and does not own land and building then she will not be eligible for claiming interest under 24B.
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