Housing loan interest

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rupesh (Querist)
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12 August 2012 i have constructed home atmy village, and drawn home loan fro sbi,

my father 60 year old has a land of their own name, is constructed , i and my brother are joint name on home loan with my father not on land .
we both are paying EMI & my father isnt any contribution on EMI,

SO how can we get home loan interest deduction.... can we three persons avail deduction on interest or what else-

Naresh Kansala

Naresh Kansala (Expert)
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12 August 2012 you two brothers can avail the exemption for interest paid or payable upto Rs. 150000/- each person u/s 24(2)(vi)under the head income from house property and principal amount re-paid in the ratio of ownership u/s 80C subject to limit of Rs. 100000/-

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