Suppose the loan has been applied in joint names (brothers) & house property in both their name, but the EMI from first holder bank account only. Property has been let out, rent receipts in their joint account. Can the first holder claim full interest deduction u/s 24 as he is paying the EMI
Furhter to my query, in co-ownership, the income under the head house property after reducing standard deduction and deduction of interest shall be equally distributed among both the coowners. So how can the first holders claim full interest?
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