shiva kumar R (Salaried) (80 Points)
30 March 2011HI,
Please help me out
“A” is having housing loan with his mother & two brothers as co-applicants, the house in the name of “A” ‘s mother
· If “A” can claim the deduction u/s 80C & 24 b
· If yes at what proportionate
Please clarify the above quotations
Thanks & regards
Shiva
CA Chintan Vyas
(Chartered Accountant)
(116 Points)
Replied 30 March 2011
A can claim deduction under 80C & 24b on the basis of proportion of payment done by A.
It should be on paid basis i.e. If A paid 100% then he can claim full.
Porportion should be decided on payment basis i.e how much paid by you and your mother.
shiva kumar R
(Salaried)
(80 Points)
Replied 31 March 2011
Sir,
Thanks for the information can u please con u please clarify the below query
“A” brothers can claim diction as his contribution to loan
Thanks & regrdas
Shiva
Rahul Agarwal
(Future CA)
(217 Points)
Replied 31 March 2011
They can only claim the deduction if they pay their part of EMI .
Say suppose
EMI is of Rs 100000
and A pays 20000, 2 brothers pay 40000 each
Then they can claim as per the amount paid by them .
CAclubindia
