Hi Everybody,.
Can anyone clarify my queries.
My question relating to : Treatment of Housing Loan from Co-owned property.
Housing loan provisional certificate issued by Bank, for co-owner if there is no percentage of share given whether we can assume 50% interest & 50% principal.
Example : In Housing Loan certificate Principal is Rs.1,00,000/- & Interest is Rs.50,000/- in the name of Mr. 'X' & Mrs.' Y '.
If there is no % of share given then we assme 50% i.e.
Name Principal Interest
Mr. 'X" Rs.50000/- Rs.25000/-
Mr. 'Y" Rs.50000/- Rs.25000/-
My doubt is, (above example) whether Mr. 'X' can claim whole amt. of Principal (100%) i.e. Rs.1,00,000/- & Mrs. 'Y' can cliam whole amt. of Interest (100%) i.e. Rs.50000/- ?
Again my doubt is, ( (above example) whether Mr. 'X' can claim 60% of Principal i.e. Rs. 60000/-*(1,00,000*60%) & Mrs. 'Y' can claim 40% of Principal i.e. Rs.40,000/- (Rs.100,000*40%) &
for Interest Mr. 'X' can claim 30% of Interest i.e. Rs.15,000/- (Rs.50,000*30%) & Mrs. 'Y' can Claim 70% of Interest i.e. Rs.35000/- (Rs.50000*70%) ?
Whether any % of claim of Principal allowed as per Income Tax Act ( i.e. Mr.'X' - 80% & Mrs. 'Y' - 20%)
Whether any % of claim of Interest allowed as per Income Tax Act ( i.e. Mr.'X' - 35% & Mrs. 'Y' - 65%)
Or
They can claim (Mr. 'X' & Mrs. 'Y') any percentage of Principal & Interest by mutual concern.
Please solve my queries.......
CAclubindia
