Housing loan interest
This query is : Resolved
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???
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???
18 July 2014
only proportional int wil be allowed in this case but principle amount will be fully allowed u/s 80c
18 July 2014
Dear Sir,
i am still confuse
can u provide me case study and section for this query???
i am still confuse
can u provide me case study and section for this query???
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
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
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
18 July 2014
Dear Sunil Sir,
Thank u for this
Thank u for this
18 July 2014
ok tanvi , i think ur not confused now.
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