Housing Loan
This query is : Resolved
CA Anand Sarda
(Querist)
20 April 2009
I Have taken a housing loan for a property. The entire amount is taken in my name. But the property is registered in the name of 3 people(Myself , My wife & My Mother). Now my question is “ can we all three people take the benefit of interest and loan repayment under Income Tax Act. There is no agreement for our share in the joint property.
20 April 2009
In the absence of agreement the equall share shall be considard. So the benefit will be accordingly.
CA Anand Sarda
(Querist)
20 April 2009
Though my wife and my mom is not paying any principal and loan, can they take the benefit of deduction under IT Act.
Manmohan ACA, CS
(Expert)
20 April 2009
In case of Co-owner (or joint owner)deduction u/s 24(b) can be claimed by each of them separately if they satisfies the condition of section 24(b) & the limit of Rs. 150000 / Rs 30000(if the property is self occupied)is applicable to each of them separately.
Since your wife and mom is not paying any principal and loan, they do not satisfies the condition of section 24(b), and hence they can not claim deduction u/s 24(b), in respect of interest on loan
Since your wife and mom is not paying any principal and loan, they do not satisfies the condition of section 24(b), and hence they can not claim deduction u/s 24(b), in respect of interest on loan
CA Nitin Wadhwani
(Expert)
21 April 2009
I agree with Mr.Manmohan
Brij Bhushan Sangal
(Expert)
21 April 2009
Yes, Mr.Manmohan is right. also financial company will give certificate only for your name so only you can take benefit.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- 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?
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
