Home loan interest deduction u/s 24
I have purchased home in joint names with 50:50 share which is mentioned at sale deed.
I am paying the EMI of loan fully. So, can't I claim full deduction of home loan in my name.
If required, other sharing person can give the affidavit or certificate that he/she is not paying any amount of EMI of Home Loan.
Will this serve the purpose??
Regards,
Piyush Goel
https://www.caclubindia.com/forum/home-loan-repayment-by-nri-239605.asp#.UThkbKNr_BE
I could not understand which provision you are referring to.
Yes both of the co-owners can the tax benefit as per the share of EMI paid. In your case ration is 100:000, so you can full deduction subject to the limits provided.
It is better to get it documented that you are paying EMI and co-owner is not claiming any benefits for the same.
Is there any notification/case in which it is mention that affidavit/certificate from co-owner would serve the purpose?
Kindly revert.
Thanks Piyush
Just to correct one part. Regardless of what tax position you adopt in the given case, the deductor is no final authority to decide the allowability of certain exemption or expense.
If in any matter, you wish to adopt a position, which the tax deductor refuses to accept, you reserve the right to adopt your position in your tax return and claim lower tax liability.
It shall be duty of the AO to decide whether or not your tax position is legal or not.
Agreed. If the law does not permit it. How can AO give the liberty on it??
What I said is that the deductor doesn't have the authority to decide whether the tax position adopted by you is allowed or not.
That right rests with the AO if he decides to scrutnize your tax return. A position whether legal or illegal is decided by AO on the basis of the law as it stood in the relevant year adjusted to judicial pronouncements. Needless to say, AO's decision too shall be subject to review and is appealable.
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