Joint housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2017 Sir,
Mr. A and Mr. B are joined owners of a House property and Housing Loan. Mr A is having taxable income and Mr B is not having any taxable income.
Q 1. Can Mr. A claim the entire amount of Housing loan interest and principal for income tax exemption ie. 2 lakhs as interest and 1.5 lakhs as principal?
Q2. Do we need to submit the copy of land tax and house tax receipt of the property to employer for these exemptions?
Please help with any supporting documents.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

11 October 2017 1. Yes. Since both are co owners and A pays the Home loan emi, A can claim them fully. A has to ensure that there is a simple document signed by both stating that A will pay the home loan emi and will claim the tax benefits

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

11 October 2017 2. Though not mandatory, companies insist to be on safer side

Upgrade to CAclubindia Pro. Subscribe Now!