Interest on housing loan deduction for co-borrower

Tax queries 355 views 1 replies

Sir,  I have purchased a residential house and my mother is a co-owner in the property.  I have taken Housing loan for my share and my mother arranged her own funds for her share.

In housing loan, my mother is a co-borrower and the bank is issuing single interest certificate in both  name, ie. myself and my mother's name.

Now my question is, Can my mother avail deduction of 50% share of Interest & principal of Housing loan paid in her ITR?

Other informations: My mother is not paying EMI, Both of us having taxable income.

Thanks in advance

Biju

Replies (1)

As per Sec 26 if house is co owned and their share is denfinite and ascertainable then they can get concessional tax treatment in respect of self occupied property as though each such person is individually entitled to such relif


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