On house property

This query is : Resolved

Manmohan Joshi (Querist)
Follow

11 June 2013 my query is that whether deduction of section 24(b)for interest or sec 80(c) for principal is taken by only owner of the house or also coapplicant of loan taken for that house.For Example
Owner of house:- Mr X
Loan taken my Mr. X and Mr. X's Son in coapplicant
whether above deduction can be claimed by Mr. X son or Mr. X only...

Kaustuv

Kaustuv (Expert)
Follow

11 June 2013 both can claim in the ratio of their ownership for both Sec. 80C as well as Sec 24(b). Note that its available only to the co-owners not merely co-applicants.