Deduction of housing loan

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2011 We are having a house which is in the name of my father. I am not having any kind of ownership claim in that property. I had taken a bank loan for constructing 1st floor for which I am the first payer and my father is the second payer. Can I get deduction for housing loan and what are the other formalities which I had to fulfill for availing tax deduction.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)

06 October 2011 Dear Anonymous

If the loan taken is in joint name then both of you will get separate deduction for Interest paid on house loan upto 1.5 Lacs & repayment of principal for loan principal repayment.

But be assure that both of you have paid the same from your personal accounts.

Further you asked for the other formalities which are as under:
1. Take Intt. & Principal payment certificate from the lender bank/FI.

2. Submit the source of repayment to the tax advisor to calculate the separate deduction as mentioned above.

Hope the query is clear.

Now cheers

Message likes : 1 times

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

06 October 2011 If the son doesn't have a right of ownership in the property deduction can't be claimed by the son.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2011 Kindly reply in context of ownership.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)

05 March 2012 agreed with Mr. Warrier additions. Untill you dont have any ownership rights in the property you will not get any benefit of Intt & loan repayment.

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