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?
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.
Message likes :
1 times
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
Message likes :
1 times
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.
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Gstr7 vs Gstr3b 2026
- Gst return - cess
- Subscription paid to foreign customer
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
