If the home loan is jointly taken by two brothers, whether deduction is
available to both them or only one person can claim the deduction. Also if
the amount exceeds the limit, can other person claim the deduction of
balance amount.
If the home loan is jointly taken by two brothers, whether deduction is
available to both them or only one person can claim the deduction. Also if
the amount exceeds the limit, can other person claim the deduction of
balance amount.
Hi Amit,
Both the brothers can get deduction for home loan as if they have not taken the loan jointly.
Yes, if the House Property (SOP) is owned by more than one person, all co-owners can claim interest u/s.24 (b) in respect of their share of interest payable on joint home loan taken by them subject to limit of Rs.150000/- for each co-owner.
Both brothers get deduction u/s 24 in their sharing ratio. If the house is let out then deductible interest has no limit but in case of self occupied house property deduction allowed Rs. 150000/- subject to following condition-
1. loan should be taken after 01.04.1999.
2. loan should be taken for purchasr or c0nstruction of house.
3. construction should be complete within 3 years.
4. certificate of lender.
if any of the condition not satisfied then deduction is allowed upto Rs. 30000/-.
Deduction will be allowed to both brothers and in this case amount of interest and principle will be divided in 50-50 % basis and then accordingly considered under section 80C(principle) and 24(b) (interest).
CAclubindia
