House Loan
This query is : Resolved
13 July 2011
Hi Gurus,
I am salaried person, i bought the housing loan joint with my mother. But when i submit the loan document for tds calculation they have asked me property document, but the document is not in my name , it is under my mother name, so i have been told i can't enjoy the tax exemption under this, eventhough i am paying the loan due. But when i consult with tax consultant he is saying i can claim that amount. i was little confused. Can anyone pls clarify me whether i can enjoy the tax exemption under this or not?
Thanks lot for your help!!!!!
I am salaried person, i bought the housing loan joint with my mother. But when i submit the loan document for tds calculation they have asked me property document, but the document is not in my name , it is under my mother name, so i have been told i can't enjoy the tax exemption under this, eventhough i am paying the loan due. But when i consult with tax consultant he is saying i can claim that amount. i was little confused. Can anyone pls clarify me whether i can enjoy the tax exemption under this or not?
Thanks lot for your help!!!!!
13 July 2011
In spite of buying the housing loan joint with my mother, you were required to buy house jointly with your mother.
In my view for claiming deduction U/s 24 there must be certain- or say even NIL, income from the house property. A person having no house property can not claim deduction u/s 24 according to the prescribed procedure set out in law.
Section 22 lays the condition of ownership. As you are not the owner on papers, you can not have income from house property and as such you can not claim any deduction U/s 24 in the absence of any such income.
.
However, I do not see the conditions of Section 80C(2)(xviii) against your claim.
These are more favorable to you and if you get certificate of repayment of loan in your name you can avail deduction U/s 80C
.
Only purchase and construction of house property which is chargeable to tax under the head IFHP regardless of its ownership is the eligibility condition under the said ss of Section 80C.
.
Pl. eagerly wait for the views of experts also in this matter.
In my view for claiming deduction U/s 24 there must be certain- or say even NIL, income from the house property. A person having no house property can not claim deduction u/s 24 according to the prescribed procedure set out in law.
Section 22 lays the condition of ownership. As you are not the owner on papers, you can not have income from house property and as such you can not claim any deduction U/s 24 in the absence of any such income.
.
However, I do not see the conditions of Section 80C(2)(xviii) against your claim.
These are more favorable to you and if you get certificate of repayment of loan in your name you can avail deduction U/s 80C
.
Only purchase and construction of house property which is chargeable to tax under the head IFHP regardless of its ownership is the eligibility condition under the said ss of Section 80C.
.
Pl. eagerly wait for the views of experts also in this matter.
Message likes :
1 times
13 July 2011
Thanks much Mr Paras Bafna,
Yes i am getting the certificate Jointly with my mother name for repayment of loan. So that means i can avail deduction U/s 80C?
Yes i am getting the certificate Jointly with my mother name for repayment of loan. So that means i can avail deduction U/s 80C?
13 July 2011
Thanks much Mr Paras Bafna,
Yes i am getting the certificate Jointly with my mother name for repayment of loan. So that means i can avail deduction U/s 80C?
Yes i am getting the certificate Jointly with my mother name for repayment of loan. So that means i can avail deduction U/s 80C?
13 July 2011
Yes you can avail Deduction U/s 80C
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
- House Property Reporting in ITR
- TDS Claim year
- Relief u/s Section 89
- Rent lease agreement
- TDS Challan Code
- CCFS 2026 Schemed
- Entries in AIS regarding sale of units and shares
- Lease agreement and tax on sale
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Sales amount in Gstr1
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Suggestions required for income tax filing-software (FY 2025-26)
- Tax liability on income of freelancer
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
