Home Loan
This query is : Open
22 September 2017
A Home Loan was taken by Father and son as both joint applicat.
The Flat is in the name of father
EMI is paid form father account where the son transfers money from his salary earn and father have savings
Does deduction of section 24 of act will be applied to both or just for the father
Principal repayment deduction can b claim by both or just by father
Can the son claim Hra or no
Amol S Joglekar
(Expert)
22 September 2017
ce the house is in the name of father, only he can claim income/loss/deduction....
K Srinivas, CMA CS
(Expert)
22 September 2017
Agree.
To claim tax benefits from home loan, assessee should be a owner / part owner of the house. The fact that he pays the interest from his funds is not enough
To claim tax benefits from home loan, assessee should be a owner / part owner of the house. The fact that he pays the interest from his funds is not enough
22 September 2017
Yes. I agreed with Both Experts....
The house is only father's name. So, the benefit avail only to fathers hand....
In case the house is both name then only both can take the benefit as per share....
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