Deduction of intt. on house loan

This query is : Open

Gaurav Jindal (Querist)
Follow

09 May 2013 A person want to take loan for the renovation of his house but the house is registered in the name of his father.

So if the above person take power of attorney for the said house rather than purchase it or taking gift from his father, then whether he can claimed deduction of interest under income from house property.?

I asked the above question on the ground that the person with power of attorney has full right to sell, rent, construct, alter etc. i.e. the rights equal to the rights to the owner.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
Follow

10 May 2013 Deduction for Interest on loan under section 24(b) is a deduction from Rental Income and is only available to the owner of the house. The Rental Income,if any, is taxable in the hand of "Father" and only "Father" can claim the deduction against such Rent/Zero rent.

I think holding power of attorney will not make the son owner of such property and the Son would not be eligible to claim the deduction.

Message likes : 1 times

Gaurav Jindal

Gaurav Jindal (Querist)
Follow

11 May 2013 Thank You Sir for your reply.

Please suggest any alternative to claim deduction by son. I mean how the son become owner of the property which involved less expenses then in gift or purchases from father?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SANJAY GOSALIA

Sanjay Ratnani

Vinod Patil

Krishnamohan Gangaraju

ajay agrawal

Subscribe Now

Deduction of intt. on house loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA