IT benefit in joint housing loan

POSTED BY meutsav70 ON August 23, 2012 5:37 pm COMMENTS (2)

Joint Housing loan has been taken by three persons. Persons involves are husband, his wife & his younger brother. In Bankers provisional certificate for payment of interest & principal all three names are mention. Installment goes from the joint saving account of husband & wife. The total interst ammount is more than RS 7.5 lacs per annum.

Questions:

No 1: Would all three be elgible for getting tax benefit on interest Rs 1.5 lacs by each one?

No2: Are only Husband  & wife elgible for taking the tax benefit of interest of RS 1.5 lacs per annum?

No3: Can younger brother whose account is not bieng used directly by the bank for getting the installment , take the tax benefit of interest of Rs 1.5 lacs per annum?

No4: If answer to question no 3 is no, then how can the younger brother avail the tax benefit of interest of RS 1.5 lacs per annum from this joint housing loan?

2 replies on this article “IT benefit in joint housing loan”

  1. meutsav70 says:

    Dear Ashal, Properties ownership is having all the three names.

  2. Dear Meutsav70, May I know the ownership details of the property in question?

    Thanks

    Ashal

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