Repayment Of Loan Deduction

Tax queries 153 views 1 replies

Shubham Singhania

Student CA Final

293 Points Joined September 2012

I have a query
Suppose an individual has taken joint loan(in his name and name of spouse) for a joint house (that too is co owned)
The deduction of loan will be allowed 50 %- 50%

Can anyone out of co owners claim higher amount to reduce tax burden

Replies (1)

rama krishnan

12244 Points Joined May 2017

the interest amount shall be apportioned in proportionate to the ratio of their shares in the property. for example if the total interest amount paid is 4.5 lakhs and their share in the property is 50-50, then they are eligible to claim 2 lakhs each toward rent ( since the maximum amount allowed towards interest is 2 lakhs)