16 April 2011
Mr. A (Father) availed a Housing Loan as co- Borrower with Mr. B (son). The Property was in the name of Mr. A (father)and repayments were made only by Mr. B (son). Is Mr. B (son) who has made repayments but does not have property registered in his name is eligible for Interst and Housing Loan repayment benefits under IT Act.? Please quote relevent sections and case laws if any.
16 April 2011
Deduction for interest under section 24(b) can't be calimed by Mr. B since he has no income to be computed under the head "income from house property" since Mr. A being the owner of the property. Like wise 80C(2)(xviii) also can't be calimed by Mr. B on the same analogy.