The magnetic and magnetocaloric properties of Ni48Co2Mn35In15 were studied using magnetization and heat capacity measurements. The magnetic entropy change (Delta SM) was evaluated from both magnetizing and demagnetizing fields. An inverse Delta SM for the magnetizing and demagnetizing processes were found to be 20.5 and 18.5 J kg-1 K-1, respectively, for Delta H = 5 T at the martensitic transition (T=TM). The normal Delta SM was found to be -5.4 J kg-1 K-1 for both fields at the paramagnetic/ferromagnetic transition (T=TC). The effective refrigeration capacity at TM and TC for magnetizing field was found to be 268 and 243 J/kg (285 and 243 J/kg for the demagnetizing field), respectively. We have also estimated the density of states, the Debye temperature, and the inverse adiabatic temperature change to be 4.93 states/eV f.u., 314 K, and -3.7 K, respectively, from the measured heat capacity data.