Housing loan and income tax benefits

This query is : Resolved

P.SHANGAR (Querist)
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23 November 2013 KIND ATTN. SIR
KINDLY CLARIFY, IF THE ASSESSEE-SON BEARS THE CONSTRUCTION COST OF HOUSE PROVIDED , THE LAND IS IN HIS MOTHER'S NAME AND THEY HAVE JOINTLY APPLIED FOR HOUSING LOAN, WHETHER THE ASSESSE-SON CAN CLAIM INCOME TAX BENEFITS.U/S 24 AND 80C.

WITH REGARDS
CA.P.SHANGAR

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 November 2013 yes he can. he can claim both the benefits as he can claim that the super-structure built is jointly owned. However, you may check the applicability of Section 50D for capital gains in your mother's hands (if we take a position that some part of the superstructure is now owned by you)

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