Proportion of interest be be claimed u/s 24
This query is : Resolved
07 March 2016
My parents co own a house property 50% by each. My father has taken a loan from SBI as in employee of the bank the interest of which is directly deducted from his salary. The loan agreement is between my father and the bank. I want to know the amount of interest to be claimed in his ROI. Can we apportion the interest amount equally between both my parents.
07 March 2016
In the given case, the borrowed capital is taken by father and the repayment is also being made from his taxable income.So interest on such borrowed capital can be claimed in his ROI only.No apportionment.
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