If A & B are co-owner and co-borrower of a residential property. They are equal co-owners However all the EMI of the housing loan taken are paid by Mr A only. B do not contribute in loan repayment. Can Mr A claim full benefit u/s 80C and 24(b) of the income tax? Is there is any provision in the Act which says that deduction can be claimed only by the co-owner who repays the loan? In other words whether it is true that claim of deduction is linked visa-vis repayment of loan?
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Housing loan deductions in case of co-owners
CA PARTH SHAH (In Practice) (1951 Points)
08 September 2015
CAclubindia
