Housing loan deduction ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2015 Clarification on Housing loan deduction in Income Tax with support to adequate section of Income Tax Act.
If loan is borrow on property of father but co-borrower son paid the whole loan repayment.
Can son eligible to claim whole deduction of Interest and principal in his income tax.
Yes then what is the supporting of section of house property for providing to my employer for availing the whole deduction.

Amol S Joglekar

Amol S Joglekar (Expert)
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26 December 2015 is it Housing loan or Loan against property?

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2015 It is housing loan and avail for construction of house.

Amol S Joglekar

Amol S Joglekar (Expert)
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26 December 2015 if son is only co borrower and the property for which the loan is taken is only in father's name, the housing loan deduction is NOT available to son, even if the son might have repaid the loan. The crux is the "house property" The deduction is for house property and not for loan on a stand alone basis.

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