24 March 2008
my friend was doing job in bangalore, his father living in vijayawada. in vijaywada house is own and father taken loan on that property, but father was not filing return. so, my friend elegible for deduction of interet on housing for his salary computation. another question was raised my friend and his brother was there, he was also doing job. so, who can elegible for deduction, this was elegible for father housing loan interest to son's personal income tax computation ? please sir
24 March 2008
no you cant take the benefit of interest in your return, Neither your brother can do so. Because the loan is taken in the name of your father and he is the only personal who is eligible for this.
24 March 2008
NEITHER YOU NOR YOUR BROTHER IS ELIGIBLE FOR DEDUCTION ON ACCOUNMT OF HOUSING LOAN . YOU ARE NOT THE OWNER OF THE HOUSE AND BEING THE PROPERTY IS IN NAME OF FATHER HE SHALL BE ELIGIBLE IF HE CLAIMS AND FILE RETURN
28 March 2008
No. it cant be claimed by the son. Incase the loan is taken in joint name n son is repaying the whole loan then claiming interest is possible.
CAclubindia
