Deduction of Interest on Home Loan

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  1. sandeep123#

    sandeep123# New Member

    my friend and his wife are co-applicants for a home loan started in Nov-2013. Both are employed. Due to lack of knowledge only the husband took the entire deduction in his return for the FY 2013-14. In the year 2014-15 both wish to claim the deduction 50% each ( in the ratio of property owned). please advise if this can be done
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    It is not possible for you to keep changing the manner of dividing interest every year.

    It is first to be ascertained who has taken the loan and deduction would be allowed accordingly.
     
  3. sandeep123#

    sandeep123# New Member

    Sir. Thank you for the reply. Inadvertently this has happened. Can we change now.
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    You can revise the return of the previous year and claim deduction accordingly.

    Also ensure that the deduction is claimed in the same manner in future years as well.

    Procedure for revising the return - http://www.charteredclub.com/revised-return/
     
  5. sandeep123#

    sandeep123# New Member

    Sir thank you for the prompt reply and valuable advise.
     
  6. sandeep123#

    sandeep123# New Member

    Sir – I wish to make one more query. The property had two owners husband and wife. Both were co applicants. Both working. First two years husband paid the entire loan and claimed the entire deduction. In the third year husband lost his job and because of that they now will both bear 50% of the installment and the bank has agreed. Can they claim 50% deduction (under the IT Act) each from the third year.
     
  7. gaurav_kumar

    gaurav_kumar Well-Known Member

    If the Bank has agreed for the same in written, both the husband and wife can claim equal deduction.
     
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