Housing loan Deduction
This query is : Resolved
13 May 2010
Dear Sir,
Assessee's father has taken a housing loan, now he has not any source of income and now assessee (his sons) is paying EMI of loan. Father's lawyer is certified that he cannot pay the loan. Can assessee claim deduction for the interest and principal?
Assessee's father has taken a housing loan, now he has not any source of income and now assessee (his sons) is paying EMI of loan. Father's lawyer is certified that he cannot pay the loan. Can assessee claim deduction for the interest and principal?
13 May 2010
No, for claiming Housing loan deductions on a self occupied house, the following conditions to be satisfied :
1) should be the owner of the house,
2) loan to be taken in his name
3) EMI to be paid out of his income
so, in ur case the father can not take the tax benefits.
For tax planning purpose, the son can pay rent to the father out of his HRA and the father can take the tax benefit on int. as well as principal payment.
1) should be the owner of the house,
2) loan to be taken in his name
3) EMI to be paid out of his income
so, in ur case the father can not take the tax benefits.
For tax planning purpose, the son can pay rent to the father out of his HRA and the father can take the tax benefit on int. as well as principal payment.
13 May 2010
he cannot............
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