Home loan Tax exemption for co-owner and co-applicant

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2010
Hi,

I am co-owner with my brother of the flat we bought.
I am also the co-applicant in the home loan taken and whole EMI is paid by me only.

My query is:
1) Am I eligible for home loan tax exemption?
If yes, how much? the whole principal and interest amount paid through EMI or partial?

I paid Rs. 70000/- as principal and 136000/- as interest in current financial year. My company says I am eligible for only 35000/- principal and 68000/- interest for tax exemption.

I was told by Bank official that I am eligible for whole amount and my company doesn't agree with this.

I want an advice on this with all the proper details and rules/clause info. which justify it.

Thanks in advance.

CA Amit Kumar Hallen

CA Amit Kumar Hallen (Expert)
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08 February 2010 Yes.as UR Co-owner ,Hence U Will Get Benefit of Half Amount Which UR Paying ..Wheather It is Principal ot Interest.

It No Relevant That UR paying Full Payment.