POSTED BY December 14, 2013 3:20 pm COMMENTS (5)
ONDear Sir,
I have a home loan with Union Bank of India.My Father is second holder in Loan account. Currently My father is paying full EMI.
Can my father rebate the income tax against loan interest and and principal? if yes what suporting he required for the same?
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Dear Pritesh, please read the original version of section 24(b) from official site of income tax.
incometaxindia. gov.in
Thanks
Ashal
Dear Pritesh, as he is co-owner for 50% part, his tax benefit from the home loan ‘ll be limited to 50% only.
Thanks
Ashal
Dear Ashal,
Thanks for your kind response.
As i need to convince the accounts department for tax rebate;is there any source where i can find the full income tax section in detail written.
Thanks a lot once again for quick response.
Regards..Pritesh
Dear Pritesh, can you elaborate this 2nd holder thing? Who is the owner of the house?
Thanks
Ashal
Dear Ashal,
My Father is co borrower(as second holder) and 50% partner of the property.
But currently he is paying full EMI from his account.