Deduction for Interest on housing Loan
This query is : Resolved
CA Sanjay Baheti
(Querist)
23 June 2010
One of My client claim interest on housing loan Rs 77541 and setoff against Interest Income under head other sources . The owner of the House is Father of the client and the repaymnet of interest and instalment was made by the client . The AO not allowed to set off the interest income and want to initiate penalty proceedings under section 271(1)c. Guide me
CMA Ramesh Krishnan
(Expert)
23 June 2010
The A.O. is right, becasue Claiming Housing interest Assessee should be a owner of the property and Loan should be in the assessee name and payment made by Assessee.Since your case is wrongly claimed and tax avodied and wrong information provided in return,So penalty will attract u/s.271(1)c
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