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Deduction for Housin lOan & Intt

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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2010 Please suggest
The land is name of father of Mr X
The housing loan is taken in the name of Mr X and his father.
Instalments are paid through the A/c Of Mr X only.

1.Whether Mr X can take full Benefit u/s 24 & 80C.
or
he is entitled of Half benefit
or
he is not entitled for any benefit(as land belongs to his father only)
Thanks in advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 November 2010 1.Interest on borrowing can be claimed as deduction only by the person who has acquired or constructed the property with borrowed fund. Ref:- section 24(b).

2.The house property income should be assessable in the hand of asseessee. Or in simple terms assessee should be the owner of the house property. Ref:- Section 80C.

Pl check your eligibility in view of the above conditions.

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