Interest and principal on housing loan
This query is : Resolved
04 February 2016
Is it compulsory that the property must be in the name of assesee to claim the benefit of interest u/s. 24(b) and principal u/s. 80C for housing loan which is in the name of assesee. For example property is in the name of Father who is actually retired and housing loan is taken in the name of son (assesee) for reconstruction of property after total demolition. Housing loan instalments are paid by son (assesee) though the finance company has taken fathers name in loan application as co-applicant.
04 February 2016
Yes.
If the ownership of the new house ,in municipal records, rest with Father, son will loose both the benefits.
If the ownership of the new house ,in municipal records, rest with Father, son will loose both the benefits.
04 February 2016
Thanks Mr. B. Chackrapani Warrier
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