Home loan co - borrower
This query is : Resolved
09 April 2016
I work in a public sector bank . I am planning to take a staff housing loan from my bank with my father as
co- applicant,The entire loan amount including principal and interest will be borne by me. My father is a retired state
govt employee and i am the only daughter of my parents and i have no siblings and i am not yet married. However
my father is the sole owner of the land on which the house is to be constructed. Can i claim tax benefit under
Section 80C and Section 24 ? Please reply.
co- applicant,The entire loan amount including principal and interest will be borne by me. My father is a retired state
govt employee and i am the only daughter of my parents and i have no siblings and i am not yet married. However
my father is the sole owner of the land on which the house is to be constructed. Can i claim tax benefit under
Section 80C and Section 24 ? Please reply.
09 April 2016
No, you can't claim. You must be the owner/co-owner to the property.
Message likes :
1 times
CA PARAS BAFNA
(Expert)
10 April 2016
In the case of Tinsukia Developement Corporation V CIT(1979)120 ITR 466(Cal) it has been held that the person who owns the building need not also be the owner of the land upon which it stands.
So, in this case if you take permission letter suitably drafted in the manner authorising you to construct the building, you will be allowed the benefits of Section 80C and Section 24 both.
So, in this case if you take permission letter suitably drafted in the manner authorising you to construct the building, you will be allowed the benefits of Section 80C and Section 24 both.
Message likes :
1 times
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- 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
- Taxation of crypto futures in India Fy 2026- 2027
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
