Deduction under section 24

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Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2012 Hi,

I have jointly taken housing loan for reconstruction/repair with my mother. My mother is the sole owner of the property.But am the one who is repaying the loan to the Bank. Is it possible for me to take the benefit of section 24 and section 80 tax deduction??

Please reply Soon..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 April 2012 For claiming the deduction the prime condition is "Income from House Property", to which the assessee must have. As the property belongs to mother, if she makes repayment she can claim the benefit U/s 24 only.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2012 Thanks for the Reply Paras.

Is there any clause or any way i can claims since my mother doesn't have any income and she won't be claiming it???

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 April 2012 In case ownership is being transferred in your favour, then only you can claim interest. I do not advise this way keeping in view the feelings of elderly person likely your mother.

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