80c and houseproperty-housing loan elements

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This query is : Resolved

Vinayak K Krishna (Querist)

01 March 2016 Dear All

Your have your opinion Please

If a woman availed a HL but she is not a co-owner of the property with her Mother.
Mother is the sole owner of the property. Her mother is dependent . Then Is she eligible for HL for exemption under 80C and House property?

Amol S Joglekar

Amol S Joglekar (Expert)

01 March 2016 It is very hard to believe that although the house property is not in the name of WOMAN, the financial institution has granted her HOME loan. Please verify the EXACT details of the said loan. It can be a loan against property and NOT housing loan. Please check the same and revert

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Vinayak K Krishna

Vinayak K Krishna (Querist)

08 March 2016 Thanks for your reply

Actually the husband is working in the same banking company.I also argued the lonee should have ownership in the property against which the housing loan is provided and the HL tax benifit is available only for the person having ownership.

Another case i also want to share with you.

One employee purchased a constructed house and availed housing loan.But as per property tax receipt and Tax receipt the land belongs to another previous owner.The name yet to be changed. Then how can he avail the tax benefit of housing loan.?

Amol S Joglekar

Amol S Joglekar (Expert)

12 March 2016 In another case as listed by you, the benefit may be granted on the principle of BENEFICIAL ownership.

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