claim of interest on borrowed capital u/s 24(1)

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radhaswamyh (Querist)
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08 January 2008 mrs. x purchased open site and registered in her name. now the housing loan is going to be obtained in the joint names of mr.x and mrs. x. all the approvals for construction of the house will be in the name of mrs. x. can mrs. x and mr.x claim interest on borrowed capital u/s 24(1) in proportion to the repayment of loan from their sources.

radhaswamyh

radhaswamyh (Querist)
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08 January 2008 1

Sathish k

Sathish k (Expert)
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08 January 2008 u/s 24 they can claim interest on borrowed capital and also repayment u/s 80C

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SHAMIM HAMEED

SHAMIM HAMEED (Expert)
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08 January 2008 U/s 22 assessee should be the owner of the property. Hence only the registered owner Mrs. x can claim interest on loan and that too only after the completion of construction.

K V Subba Rao

K V Subba Rao (Expert)
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08 January 2008 I agree with the view expressed by Mr Hameed. In this connection, you may like to visit the following:

http://www.apnaloan.com/taxtips/home-loan-india/taxdeductionforcoborrowerwhoisnotcoowner.html