Income from House Property
This query is : Resolved
03 October 2010
My father has taken a house property but i'm paying its installments. My father doesn't have any taxable income hence he cannot claim the deductions. Can I claim them. Suppose, me and my father makes an agreement to sell me the house property i.e. just a 'Agreement to Sale' can I claim the deductions in this case??
Thanks.
Thanks.
CA Mukesh Jain S
(Expert)
03 October 2010
The Income from house property is computed on ownership basis. hence deduction of interest on loan cannot be claimed by you as you are not the owner.
Jinesh Bhagdev
(Expert)
04 October 2010
There is the concept of beneficial ownership..
If you can prove that you are the beneficial owner of the house property and you are the only source of earning the livelihood of the family... probably you may be in the position to claim the deduction from the house property
But going by the strict interpretation of the law, only the legal owner of the property is allowed to claim the deduction of the house property
You can fight it in terms of beneficial ownership but chances of winning are not assured....
If you can prove that you are the beneficial owner of the house property and you are the only source of earning the livelihood of the family... probably you may be in the position to claim the deduction from the house property
But going by the strict interpretation of the law, only the legal owner of the property is allowed to claim the deduction of the house property
You can fight it in terms of beneficial ownership but chances of winning are not assured....
Dhirajlal Rambhia
(Expert)
03 October 2021
Yes, If father makes a sale agreement with 50% of share in the house in your favor, you can claim the deduction.
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