House property

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DIPAK (Querist)

16 June 2014 suppose mr.x has one residential house and he wanted to purchase another residential house with the joint name of his major son and he also take a loan from bank. 1) what will be tax effect if he take loan of his name only? And 2) what will be situation if he take loan from bank with the joint name of his major son?

Nikhil Kaushik

Nikhil Kaushik (Expert)

16 June 2014 in first case, he shall be paying the interest and claiming the deduction for the same in his tax return

in second case the deduction shall depend on who pays how much interest and principal repayment

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Rupesh Jain

Rupesh Jain (Expert)

17 June 2014 for second house he offer his house as let out or deemed to be let out and intt. paid for loan amount you claim as deduction u.s 24(b) w/o any limit .

for second situation if your son contribute the amount as you want (in form on %)
then income from house and intt. paid on loan will assessable according to your owner ship %.

DIPAK

DIPAK (Querist)

17 June 2014 In above case, if mr. X will pay entire emi then, can his major son take benefit of sec. 24(b) & 80c.
How both will get benefit of sec. 24(b) & 80c.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

17 June 2014 no then major son cannot take this benefit as mr x has paid emi so mr x is eligble.

DIPAK

DIPAK (Querist)

19 June 2014 If both are want to take benefit of 24b & 80c then how they can?
If they open joint account in a bank through this account if they pay emi then what is situation............

DIPAK

DIPAK (Querist)

19 June 2014 If both are want to take benefit of 24b & 80c then how they can?
If they open joint account in a bank through this account if they pay emi then what is situation............

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