23 August 2014
Can anyone guide me on the following : 1. Mr. A and his son Mr.B jointly purchased House property and takes Housing Loan. Who can claim Deduction for Housing Loan repayment. Whether person making payment or both can claim deduction in same proportion.
2. In above case, if after 10 years the house is sold and all proceeds are deposited in the account of Mr.B (Son of Mr.A), then who is liable for capital gain?
3. Further, if Mr.B invests the money in other House property, then can he claim deduction U/s.54? If yes, then to what extent?
CAclubindia
