House Loan

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balaji (Querist)

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!!!!!

balaji

balaji (Querist)

13 July 2011 Any Idea Gurus!!!!!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

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.

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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

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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.

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Pl. eagerly wait for the views of experts also in this matter.

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balaji

balaji (Querist)

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?

balaji

balaji (Querist)

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?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

13 July 2011 Yes you can avail Deduction U/s 80C

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