Housing loan interest

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tanvi prajapati (Querist)
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18 July 2014 hey,
my assessee have house property on her mother's name.
he have taken the loan from bank on his and her mother's name.
and he is paying the loan from his bank.
should i claim this interest and repayment of principal in his return???

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 July 2014 only proportional int wil be allowed in this case but principle amount will be fully allowed u/s 80c

tanvi prajapati

tanvi prajapati (Querist)
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18 July 2014 Dear Sir,
i am still confuse
can u provide me case study and section for this query???

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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18 July 2014 AS PER SEC 22 READ WITH SEC 24, INTT ON BORROWED CAPITAL IS ALLOWED TO THE OWNER OF PROPERTY. BANKS GENERALLY TAKES EARNING MEMBER AS CO APPLICANT GRANTING THE LOAN , BUT IT DOES NOT MAKE THEM CO-OWNER IN THE PROPERTY. ONLY THE OWNER OF PROPERTY CAN CLAIM DEDUCTION U/S 24.
IN YOUR CASE, YOU CAN MAKE A GIFT DEED FROM MOTHER TO SON IN THE SHARE OF PROPERTY AND THEN CAN CLAIM THE INTT ON BORROWED CAPITAL. MAKE SURE THAT GIFT DEED SHOULD BE IRREVOCABLE WITH SHARE IN PROPERTY DETERMINED LIKE 50 %. THIS IS MY VIEW, BUT U CAN WAIT FOR SOME OTHER EXPERT

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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18 July 2014 GIFT FROM RELATIVE IS EXEMPT U/S SEC 56 AND MOREOVER EVERY CO- OWNER IS ENTITLED TO CLAIM INTT ON HOUSING LOAN

tanvi prajapati

tanvi prajapati (Querist)
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18 July 2014 Dear Sunil Sir,
Thank u for this

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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18 July 2014 ok tanvi , i think ur not confused now.

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