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.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- FORM 26A APPLICABILITY
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
