Deduction for interest and pricipal repayment on home loan

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..... Dear Friends, Three co-owners (also co-applicants) took home loan (share of each co-owner may or may not be there) but entire EMI was paid only by one Co-owner from his own account. Now 1. Can all co-owners claim Interest Principal Repayment deduction individually subject the limit provided in IT Act, in their IT Return? . 2. Can only paying co-owner claim deduction ? if yes, he .....

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..... can claim full deduction or only to the extent of his share? 3. What happens in above situations if EMI is paid from Joint accounts but funded by only One Co-owner? Please suggest. (Plain reading of Section 24 says that deduction shall be allowed for interest payable on capital borrowed. It does not talk about actual payment and who actually paid.) Also suggest case law if a .....

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..... ny. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = In my view if the home loan is jointly taken they are entitled interest deduction proportionate to their participation. No one person can claim the entire benefit. The source of recovery of the amount is not relevant. - Reply By Bijay Shrestha - The Reply = I am also of the same view sir. But if only paying co-owner wants to claim full .....

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..... deduction and not other co-owners, whether he can do so ? - Reply By Ganeshan Kalyani - The Reply = In my view a declaration is needed to be filed. - Reply By Ganeshan Kalyani - The Reply = In such cases declaration is needed wherein it is essential to declare that the interest credit shall be availed by a particular person only . Thanks . - Deduction for interest and pricipal repayment on .....

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..... home loan - Query Started By: - Bijay Shrestha Dated:- 26-11-2016 Income Tax - Got 4 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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