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Housing loan exemption/deduction by a child of owner

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 August 2013 I have a qurey on allowability of Housing Loan Installments paid by son of the owner which is explained by an example as below:

Suppose Mrs. A is owner of a House property. Mrs. A is having nil income.Son of Mrs.A(i.e. Mr. B) income is chargeable to tax.Bank has advanced Housing loan to her Son Mr. B for the aquisition of house and keeping Mrs. B as co-borrower. The house is occupied by both Mrs. A and Mr. B. Can Mr. B claim entire exemption of interest (upto Rs. 1.50 Lakhs) and principal of installment from his taxable income??
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
22 August 2013 yes bank has correctly advise

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 August 2013 Thank you for the reply. Further continuing with the above example: If bank advances top up loan over and above housing loan to Mr. B for repairs and pur. Of furniture in the house, whether Mr. B can claim exemption on the the top up loan???
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
24 August 2013 interest on top up loans for repairs is allowed under sec.24b. subject to same cap of Rs.1.50 lakh
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