Deduction of housing loan interest and instalment
This query is : Resolved
09 December 2014
Mr A is taking house Loan to from bank to construct a house on plot which owned by his father.all repayment will be done by Mr A . Whether MrA can claim deduction of Interest and instalment under income tax act inspite of the fact that the plot is in the name of his father and Mr A is co-applicant in Loan.
10 December 2014
Mr A can claim both deductions it does not matter in whose name the plot was.
10 December 2014
if he is also a co-onwer then only his son will be allowed els enot.
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10 December 2014
Thanks tushar. But Mr A is not co-owner in plot. he is only constructing property in land owned by his father(Mr A's father). please advise any manner in which he can take benefit under income tax act.
10 December 2014
then he wont be allowed to take deduction.
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10 December 2014
Is there is any wayout
10 December 2014
no as refering to provisions of house property it directly uses the word "owner".
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