26 June 2009
If I & my wife (both working) stand as co-applicants only (not owners of the house) to a housing loan to be taken by my Brother-in-law & my sister (again both working), then can me & my wife claim Tax benefits for Interest & Principal amounts paid by we two towards the above loan? if yes, then are there any criteria?
26 June 2009
Hi, In my opinion you can not claim the tax benefit u/s. 24 or under sec. 80C. As you are only the co-applicant and the house property is neither purchased by you nor you can claim any rights in the aforesaid property , therefore in my view you can not claim the tax benefits.
26 June 2009
Not only the assessees should be co-owners, their respective shares in the property should also be definite and ascertainable to claim deduction u/s 24(b). This can generally be proved if the share is mentioned in the sale deed / agreement.
CAclubindia
