Housing loan deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2012 hello ,

self and my brother has bought a flat in joint name & housing loan is also taken in joint name.

as per my understanding we both can claim deduction of int & principal ( 50% share each ) but my company is not ready to allow this benefit and they are saying only the first borrower of housing loan can take benefit of 100%

so kindly advise

Regards
piyush

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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29 March 2012 IN CASE OF JOINT OWNERSHIP, BOTH THE OWNERS ARE ELIGIBLE TO CLAIM DEDUCTION OF INT. & PRINCIPAL IN PROPORTIONATE TO THEIR SHARE IN THE PROPERTY.
SEE THAT THE REPAYMENT OF LOAN IS ALSO DONE BY BOTH THE OWNERS.

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2012 Dear Huzaifa Hussain,

Bank is debiting same from my brother's a/c through ecs and i m paying monthly to my brother through chq that will do ?

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HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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30 March 2012 yes, that is sufficient.

Message likes : 1 times

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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30 March 2012 If the company is not considering then you can claim the same in your ITR separately, simple.....

Now Cheers...

Mihir Doshi

Mihir Doshi (Expert)
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30 March 2012 Joint owner, according to ownership percentage, can claim the Interest and Principal amount as deduction.

Company on request allow and consider the same but few companies does not allow so the way is to claim refund via filling of return at the end of the year.

Thanks
Mihir Doshi