deduction for house loan
This query is : Resolved
jitendra lalwani
(Querist)
24 March 2011
Mr x having income from salary only.
Mother(housewife ie doesn't have any source of income) of x is registered owner of residential house now x want to take a house loan from notified institutions and banks for construction of second floor.
i want to know
a) is x is eligible for loan whether personely or as co-applicant.
b) can he claim deduction u/s 80 C as he will paid amount of loan.
c) can mother of x claim deduction u\s 24(b)
Mother(housewife ie doesn't have any source of income) of x is registered owner of residential house now x want to take a house loan from notified institutions and banks for construction of second floor.
i want to know
a) is x is eligible for loan whether personely or as co-applicant.
b) can he claim deduction u/s 80 C as he will paid amount of loan.
c) can mother of x claim deduction u\s 24(b)
CA Rajeev Bansal
(Expert)
25 August 2011
A) X is eligible for loan as co-applicant
B) No he cannot claim deduction u/s 80 C
C) yes mother of X can claim decuction u/s 24(b) and u/s 80 C out of his income if any
B) No he cannot claim deduction u/s 80 C
C) yes mother of X can claim decuction u/s 24(b) and u/s 80 C out of his income if any
jitendra lalwani
(Querist)
29 August 2011
So is there is any treatment for saving tax.
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