Interest and repayment of housing loan

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 Hi sir/mam,
my friend is just the co-applicant of the housing loan. Father alone owns house.
Father is the retired person who is not even filing the return.
Now my friend being co-applicant repaid loan and interest.
Can my friend get deduction u/s 80c for repayment and u/s 24 for interest on housing loan.
Please guide as soon as possible. Need to file the return. Details pertain to FY 2012-13.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

04 August 2013 No. Only owner of the house property is eligible for claim the deductions under 80C and 24b. since rights of the property is not there with him, there is no question of house property income or loss for him

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 ok thank you sir, However in signed form 16 employer has deducted tax(TDS) after considering those deductions.

Then do we need to pay tax and then file the return.

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 Sir,even repayment of principal amount cannot be claimed as deduction?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

04 August 2013 Yes. may be based on your declaration employer considered the deduction,you can pay the difference tax for the same and file the return

Yes. principal amount also not eligible since the property is not in your name

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 Thank you sir.

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