Housing Loan
This query is : Resolved
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.
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.
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
21 April 2009
I agree with Mr.Manmohan
21 April 2009
Yes, Mr.Manmohan is right. also financial company will give certificate only for your name so only you can take benefit.
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