Interest on house property
This query is : Resolved
10 August 2013
If am a co-owner and not a co-applicant for loan, am i eligible to claim interest on Housing Loan and 80C deduction?
If yes which document I need to produce for such loss and deduction?
If yes which document I need to produce for such loss and deduction?
CA UMESH DULAL
(Expert)
10 August 2013
A co-owner can claim interest on HL on proportionate to his share in house (i.e. if share in house is 50%, then 50% of interest, If 25% then 25% of interest and so on)
As ITRs are annexure less, no documents are to be produced while claiming deduction.
However it is advisable to obtain INTEREST CERTIFICATE for Lender which may be required in Future and it will help to claim actual amount of interest.
As ITRs are annexure less, no documents are to be produced while claiming deduction.
However it is advisable to obtain INTEREST CERTIFICATE for Lender which may be required in Future and it will help to claim actual amount of interest.
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CA Suresh Jain
(Expert)
10 August 2013
I agree with the answer of Mr. Umesh Dulal. One more thing to remember is that the payment of installments should have been made from your account
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12 August 2013
Thank you for the answer sir,
Can I conclude that for claiming the Interest on Housing loan and 80C deduction, *I must be a co-owner and I may not be a co-borrower or co-applicant for the Loan.
I agree w.r.t ITR case.
I am an employee in this case i need to submit to my employer Int Certificate (IC).
In the * above case, IC will be with the borrower only (ie., one of the co-owner) then can I get the tax benefits?
Please explain.
Can I conclude that for claiming the Interest on Housing loan and 80C deduction, *I must be a co-owner and I may not be a co-borrower or co-applicant for the Loan.
I agree w.r.t ITR case.
I am an employee in this case i need to submit to my employer Int Certificate (IC).
In the * above case, IC will be with the borrower only (ie., one of the co-owner) then can I get the tax benefits?
Please explain.
CA Suresh Jain
(Expert)
12 August 2013
If you have neither paid principal nor interest, no question of claiming interest as deduction nor repayment of loan u/s 80C arises.
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