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Interest u/s 24(b)

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Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2017 Mr.X s/o Mr.Y is paying the housing loan interest and principle amount who is a joint account holder in a bank with Mr.Y, but the property of the house is in the name of Mr.Y who has no sources of income. Can Mr.X show the housing internet paid by him under the head income from house property u/s 24(b) and principle amount u/s 80C?
Thank You.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

26 June 2017 Normally in order to get the income tax benefit of house loan interest and principal, one has to be a joint owner as well as a joint borrower. but in your case you may get a declaration from Mr Y that Mr X will be paying entire EMI and would be claiming deductions.

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