Question ID : 40824

Joint Home Loan

A house is owned by Mrs. X. A home loan has been taken on said property by Mr. and Mrs. X (Co-borrowers). The EMI of the said loan has been paid from Mr. X Bank account. Who is eligible to claim deduction for Principal and Interest under Income Tax? If none of them are eligible, what is the general practice adopted by the professionals and in whose return deduction is claimed?

posted by ROHIT GARG on Sep 11 2020 12:00AM