Tax rebate

Querist : Anonymous (Querist) 19 December 2010 This query is : Resolved
Myself and my younger brother availed a home loan from a bank. Unfortunately, my younger brother met with a road accident and died after being in a state of coma for 12 days( having undergone a brain surgery). The EMI was shared by both of us though debited from my bank account.After his death also the EMI is debited from the same account though the entire burden of EMI amount is being borne by me. I am a salaried individual. The bank is issuing certificate for income tax rebate in the name of both of us. Can I claim deductions alone for the whole amount of interest and principal paid during the period.
Please suggest how should I claim deduction for the same.

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Arun Kumar Bhagat (Expert) 19 December 2010
Inform the Bank about the present situation.

H.M.Patnaik (Expert) 20 December 2010
First of all, being a co-borrower of the home loan a/c, it is your onerous duty to inform the banker reg. the sad demise of the other co- borrower within a reasonable time from date of mishap. However, if the house property acquired by availing such loan stands in the joint name in the capacity of co-owners , in such a case the legal heir/ successor of the deceased co- owner of the property automatically becomes the co- borrower upon notice of the fact given to the bankers. In such an event , even if you are footing the entire repayment from your personal a/c, then also your claim for Rebate has to be the
in the same proportion as that of ownership of the property in question.

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