Hello all Professionals,
Can any one suggests me how can i get Tax benefit by taking Home loan to purchase a House.
Here the query is " myself n my brother taking Home Loan jointly and the EMI will be paid by myself and that will be joint ownership.
So, as per IT act, can i claim total tax benefit of the EMI paid by me or part of EMI only i can claim as tax benefit as the Loan taken as jointly.
pls suggest.
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Tax benefits on Home Loan
Replies (2)
Ownership (on house) ratio basis bifurcation is available ( But the another one not claim on this same)
The co-ownership share plays a role in determining your deductions.
Hi Vijay,
If the house property is self-occupied, then the annual value of such property will be NIL and the interest on housing loan can be claimed as deduction. u/s 24(b) by the co-owners.
If the property is let-out, compute the income from such house property as if the property is owned by one owner and thereafter, the income so computed shall be apportioned amongst each co-owner as per their specific share u/s 26. This means the interest u/s 24(b) can be divided and apportioned between co-owners.
If the house property is self-occupied, then the annual value of such property will be NIL and the interest on housing loan can be claimed as deduction. u/s 24(b) by the co-owners.
If the property is let-out, compute the income from such house property as if the property is owned by one owner and thereafter, the income so computed shall be apportioned amongst each co-owner as per their specific share u/s 26. This means the interest u/s 24(b) can be divided and apportioned between co-owners.
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