Deduction of housing interest
This query is : Resolved
03 May 2012
Hi Friends
If Housing loan is in the name of father and House property is also in the name of father but son makes payment of such loan from his salary proceeds then son can claim deduction in his return of income as father has non taxable income.
If Housing loan is in the name of father and House property is also in the name of father but son makes payment of such loan from his salary proceeds then son can claim deduction in his return of income as father has non taxable income.
Amol S Joglekar
(Expert)
03 May 2012
No. Hiren please go through prevention of BENAMI transactions by Income Tax. Also carefully read clubbing provisions sections 60 to 64 of Income Tax. (Transfer of income without transfer of asset.) Better ask the financial Institute to include the name of son in loan as well as put his name in the property. (This will cost him some stamp duty expenses)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
