Deduction u/s 24 of Income Tax Act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2011
A (son being a non resident), B (father) (resident)& C (mother also a resident) (house wife) are the borrowers of housing loan with A being the first borrower followed by B& C in that order. Lender has given a certificate of housing interest in the order of the names appearing in its record. Now B wants to claim benefit of interest deduction from his salary income & he, in reality is making periodical payments to the lender. Can he claim the deduction of interest since he is not the first named borrower. Can some body clarify this issue?
04 February 2011
Although he can claim deduction of interest on production of pass book entries to the income tax officials, whenever required, but he would be able to claim deduction only from his share.
Let the other experts show their opinions about this matter.
As per my Opinion, yes Mr. B can claim deduciton of interest.
Regards!!!
Dinesh S. Adhikari
Let the other experts show their opinions about this matter.
As per my Opinion, yes Mr. B can claim deduciton of interest.
Regards!!!
Dinesh S. Adhikari
04 February 2011
Although he can claim deduction of interest on production of pass book entries to the income tax officials, whenever required, but he would be able to claim deduction only from his share.
Let the other experts show their opinions about this matter.
As per my Opinion, yes Mr. B can claim deduciton of interest.
Regards!!!
Dinesh S. Adhikari
Let the other experts show their opinions about this matter.
As per my Opinion, yes Mr. B can claim deduciton of interest.
Regards!!!
Dinesh S. Adhikari
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 February 2011
None of the borrowers are co-owners & the flat is owned by B & A in that order
06 February 2011
B can claim the deduction from salary. Since he is the owner of the property and paying the interest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
