Housing loan claim
This query is : Resolved
26 September 2015
Hi All,
This is Pramod, from Hyderabad. I need to get clarify regarding housing loan claim. Situation goes like this :- we are a joint family and constructed own house 1year ago, for which we availed a loan of 9 lakhs. House is in the name of My Father & Brother, and even the loan taken was in their both names. However, right from beginning of the loan repayment, i'm paying the loan installment from my bank account through ECS. Another point is I'm standing as a guarantor for the loan taken, my brother & father are Applicant & Co- applicant respectively.
Can I claim the benefit of loan repayment on any of judicial case, explanation in act etc. without having beneficiary ownership. Also to confirm, my father & brother do not have taxable income to claim this, hence I want to claim? Please suggest....!
Thanks,
Pramod
This is Pramod, from Hyderabad. I need to get clarify regarding housing loan claim. Situation goes like this :- we are a joint family and constructed own house 1year ago, for which we availed a loan of 9 lakhs. House is in the name of My Father & Brother, and even the loan taken was in their both names. However, right from beginning of the loan repayment, i'm paying the loan installment from my bank account through ECS. Another point is I'm standing as a guarantor for the loan taken, my brother & father are Applicant & Co- applicant respectively.
Can I claim the benefit of loan repayment on any of judicial case, explanation in act etc. without having beneficiary ownership. Also to confirm, my father & brother do not have taxable income to claim this, hence I want to claim? Please suggest....!
Thanks,
Pramod
27 September 2015
no you can't claim. you need to be in beneficial owner of house for getting exemption/deduction for the payment
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