Kamal Verma (Financial advisor) (582 Points)
29 January 2019Dear Expert,
If there are four partners in a property and one home loan taken, how many deduction of interest will be allowed to all the parties individually since total interest paid in a FY is Rs. 8 Lacs. On the other hand if all the four parties purchase separate property and take home loan separately, what amount of maximum deduction of interest on loan be allowable to all the parties?
Sarath Rajendran
(Nil)
(2791 Points)
Replied 29 January 2019
Maximum 2 lakh rupees available to all of them and it is bifurcated on the basis of your holding in that loan
On the other hand if all the four parties purchase separate property and take home loan separately, what amount of maximum deduction of interest on loan be allowable to all the parties?
Each one get maximum 2 lakh interest deduction
U.K. BHATIA
(Taxation Officer)
(102 Points)
Replied 29 January 2019
CAclubindia
