NANDISH DOSHI (Student CA-Final) (72 Points)
25 May 2017Hello sir,
I bought house f.y 16-17 and in my name and brother ..I have taken loan both name include but loan emi payment is deduct only my bank account..so I have prob that Both have dedcution interest half in section 24b and Principal 80-c..can do it? just help me..
Total Emi 134840 .so I am taking half 67420 rs( 134840/2) cheque amount is taken and credit my account..so can we do deduction both ? or only me?
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 25 May 2017
Yes It allowed..General practice..No specific rules or clarification bt Income tax department..but You can take deduction of interest u/s 24b and principal u/s 80C half - half as the purchase agreement.
CAclubindia
