home loan

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Umesh Sharma (Querist)
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25 June 2011 please tell me that i have taken a home loan for the construction of our house but the house is in the name of my mother and the loan is in joint name me and my mother.
so can i claim the deduction of home loan interst and principle amount

if she transfer my part in property and that is via with/without an aggrement .so can then i can claim that deduction

DEEP SINGH TOMAR

DEEP SINGH TOMAR (Expert)
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25 June 2011 No, deduction will not available to you.

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Umesh Sharma

Umesh Sharma (Querist)
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27 June 2011 if she transfer my part in property and that is via with an aggrement .so can then i can claim that deduction

DEEP SINGH TOMAR

DEEP SINGH TOMAR (Expert)
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27 June 2011 if she t/f your share by registered deed, you may claim in the ratio of your share, but your share of installments of loan is to be paid by you taxabele income during the year under consideration

if that house should be self occupied then deduction of interest under section 24(b)of Rs. 1,50,000/-and principal under section 80C Maximum Rs.1,00,000/-

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Umesh Sharma

Umesh Sharma (Querist)
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29 June 2011 will you please tell me that if she made a deed on rs.100 stamp paper and get notries it is it valid as registered deed as you said

DEEP SINGH TOMAR

DEEP SINGH TOMAR (Expert)
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29 June 2011 No,You are required to t/f your share as per the rules and regulation of transfer property act,

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