21 May 2016
me &my bro and my mom..taken house..for price of rs.. 1825000... the hous was taken in 3 names in sale deed me my bro & my mom
.. for taking a purchase house we take a loan of rs 1425000 on loan statment two name appear me and my bro..
..loan instalment and intrest are deducting from my bank account only can my bro eilgeable for halfy deduction of amount of principal of loan and intrest..???.. during the year 2012 - 13....
25 May 2016
You are sharing the legal liability of your brother. It has no relation with the income tax act. Your brother is entitle to get 50% of the interest and repayment of loand under section 24 and 80c.
CAclubindia
