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Deduction u/s24(b) by co-owners
My client and his Brother had a Joint Account and taken a Home Loan on it. Now the question arises that whether they both can claim Interest
on Home Loan as deduction u/s24(b) fully or 50:50????
House type: Self occupied
Replies (3)
1) Housing loan should be from a recognized Hsg Finance Co
2) House should be in Joint name
3) Housing loan should be on joint name.
4) Principal and Int on borrowed Capital should be shared 50:50.
What about Interest on Home Loan ???
Should they divide equally or claim full amount u/s 24(b)???
S.No 4 is clear - Int on Borrowed capital means Int on Housing loan.
I would like to add here. If A is the payng the entire EMI by any chance bcoz B was not able to finance that Then A should take both Principal and Int .
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