Income tax
This query is : Resolved
amandeep nain
(Querist)
12 December 2016
I am a salaried person and my mother has a plot on which I have constructed house costing rupees rs. 23 lacs out of which 10 lacs from loan and 13 lacs from my income. Can plot still be in my mother name and building can be in my name?? Can I claim home loan deduction of 10 lacs rupees
VIPIN GUPTA
(Expert)
12 December 2016
Sir to my knowledge deduction home loan will not be allowed to you. As i understood the property is to be in your name second you have borrowed or co borrowed the funds and last you are repaying the loan then only you will be allowed deduction
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