Deduction u/s24 (2) of I.T.Act,1961 to co-owmer of house pro
This query is : Resolved
23 February 2009
Dear Sirs/Madams,
I am seeking for yours assistance regarding following query.
My parents are joint owners of residencial flat.
My mother's name is shown as first owner and my father is second.
My parents has availed housing loan from financial institution.The loan amount with interest is debited from my mother's saving bank account. The said saving bank account is not a joint account.
I want to know can my father avail the Income tax Deduction u/s 24(2) int. on housing loan and section 80C -repayment of principal amount of loan as being one of the co-owner ?
My mother do not want to take the benefit of the above deductions.
If, my father can get deduction , then at what percentage i.e. 50% of int & repayment amount or full amount ?
Further guide me to which section or approved case in the Income Tax Act should I refer ?
I am seeking for yours assistance regarding following query.
My parents are joint owners of residencial flat.
My mother's name is shown as first owner and my father is second.
My parents has availed housing loan from financial institution.The loan amount with interest is debited from my mother's saving bank account. The said saving bank account is not a joint account.
I want to know can my father avail the Income tax Deduction u/s 24(2) int. on housing loan and section 80C -repayment of principal amount of loan as being one of the co-owner ?
My mother do not want to take the benefit of the above deductions.
If, my father can get deduction , then at what percentage i.e. 50% of int & repayment amount or full amount ?
Further guide me to which section or approved case in the Income Tax Act should I refer ?
24 February 2009
When the Bankers have given you joint loan based on the repayment capacity of each individual they will arrive at the loan and give a joint loan by adding those things. If you ask your bankers they will provide for the same. In the same ratio you can claim.
Debiting your mothers's account will not be a problem. You have to transfer amounts from your father sb to your mother's sb towards his share of priniciple and interest.
Based on above two proofs you claim deduction in both the files.
Debiting your mothers's account will not be a problem. You have to transfer amounts from your father sb to your mother's sb towards his share of priniciple and interest.
Based on above two proofs you claim deduction in both the files.
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
- Error whilst validation
- Required to submit form 10IEA_fy 24-25
- Rebate u/sec. 87A manually
- ITR2 Not Validating Short Term Capital Loss as value less than zero
- Form 15G eligibility for individuals
- TDS deducted in different section but Deposited in a Single section via Single challan
- SFT Mismatch
- IGST Refund pending since June 2022.
- Procedure and Documents Required for Release of FD from DVAT
- Treatment of Profit on sale of fixed assets
- How to Handle Wrong TDS Credit and PAN Mismatch in Doctor-to-Doctor Hospital Rent Agreements (Sectio
- LTCG as per AIS portal
- ITR-4 VALIDATION ERROR
- HSN details in Table 12 for gstr1
- GSTR ITC relationship
- Profit transfer entry from one branch to head office branch
- RCM on affiliation fees paid to foreign educational institution
- E proceeding query u/s 143(2) for a.y. 24.25
- REQUEST FOR HELP IN TALLY THE BALANCE SHEET
- Non- payment of GST on supply of services- reg
Trending Online Classes
CAclubindia
