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-
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/-
CAclubindia
