Housing Loan

This query is : Resolved

Prasanna Bhat (Querist)
Follow

03 February 2009 Sir,

If the housing loan is in joint name what is the percentage of it exemption each individual can claim pls let me know

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
Follow

03 February 2009 You have to enter into an agreement before claiming the same. The same should have been submitted to bank. Otherwise the Ao on the basis of bank loan ie when they are sanctining loan based on each individual they will arrive at the amount and sum up and give the loan. On that basis the assessing officer will allow the deduction.

K V Subba Rao

K V Subba Rao (Expert)
Follow

03 February 2009 In proportion of ownership in property

Upgrade to CAclubindia Pro. Subscribe Now!

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

04 February 2009 It is always in the proportion of their respective repayments. One can not justify the claim of deduction if the amount claimed is not repaid by him or her. No doubt one should be the owner of the property in question but the claim can not be substantiated on the ground of ownership if there is no repayment by the co-obligant to the housing loan. As such, it is the amount of repayment of loan whereby the proportion of claim for deduction is decided.

K V Subba Rao

K V Subba Rao (Expert)
Follow

04 February 2009 Further to my reply posted on 3rd Feb 09, I draw Readers' attention to the following:

(1) http://www.apnaloan.com/home-loan-india/EMI%20payment%20contribution%20between%20co-owners%20who%20are%20co-borrowers.html

(2) http://www.taxworry.com/2009/01/can-quantum-of-deduction-us-24-section.html