HOUSING LOAN DEDUCTION U/S 24(B) IN CASE OF JOINT OWNERS

This query is : Resolved 
Quick Summary
This discussion clarifies the rules for claiming housing loan interest deductions under Section 24(b) for joint owners. It confirms that a son, as a co-owner, can claim a £200,000 interest deduction if the total interest exceeds £400,000, even if the EMIs are paid from his father's account. The son can also claim deductions under Section 80C for the principal portion he personally paid.

Profile Image

Profile Image

(Querist)
24 March 2021 Hello

Total Interest on Housing Loan is more than 400000/- & the EMI are being only paid from Father Account. Can Son (Co-Owner) claim deduction u/s 24b of Rs. 200000.?

Father is already claiming his part of deduction of Rs. 200000.
Profile Image

Ganeshbabu K

Profile Image

Ganeshbabu K (Expert)
24 March 2021 1)Son can claim interest deduction 24(b)
2)Principle deduction possible only if payment is done from son account
Profile Image

Gokul Sharma

Profile Image

Gokul Sharma (Expert)
24 March 2021 CAN SON TAKE 80C DEDUCTION OF PRICIPLE PART IF PAID BY HIM. AND HE IS OWNER OF THE HOUSE .
Profile Image

Ganeshbabu K

Profile Image

Ganeshbabu K (Expert)
24 March 2021 Yes, son can claim 80C FOR PART PAID BY HIM
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Chandan KumarChandan KumarPro Member Vishal DaveVishal DavePro Member KAVITA CHAUHANKAVITA CHAUHANPro Member AGNIHOTRAM RAM NARAYANAAGNIHOTRAM RAM NARAYANAPro Member Prakash MistryPrakash Mistry
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category




Follow