Tax benefits on Home Loan

133 views 2 replies

vijaykumargoud

CWA FINAL

34 Points Joined May 2011

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.

Replies (2)

Sarath Rajendran

Nil

2791 Points Joined November 2017

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.

Sarath Chandra

CA Final Student

566 Points Joined August 2015

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.