Deduction u/s 24(b) and rebate under section 80c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2014
My brother took home loan and acquired a house. But he got the house registered in his wife's name. She is a home-maker and she has no earnings. My brother is repaying the loan & the interest thereon to the banker(lender). Can he claim deduction u/s 24(b) for interest part and rebate for principal part u/s 80c.
If not, then what option does he have to avail the same?
If not, then what option does he have to avail the same?
07 June 2014
yes but he must prove when demanded that he has made payment to lender both principle and int.
07 June 2014
since bank has given loan, please check the borrower agreement....it is highly likely that your brother is a co borrower as well as joint owner.And if that is not the case, ask your brother to amend the document registering his wife's name as the sole owner.
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