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)
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