Joint house loan interest section 24(b) regarding.
This query is : Resolved
09 January 2015
On the basis of following grounds it may please be explained that only one of the co-owner can avail the full benefit of HL Interest u/s 24(b) and benefit u/s 80C of Principal amount or not:
1. Joint Loan has been taken by Son and Mother in the contribution and ownership ratio of 75:25 respectively.
2. Both of them are employed in government job.
3. Mother is availing the benefit under neither section 24(b) nor 80C.
Hence as mother is not availing the benefit of it hence if son wants then he is eligible to avail the full benefit of tax or not?
1. Joint Loan has been taken by Son and Mother in the contribution and ownership ratio of 75:25 respectively.
2. Both of them are employed in government job.
3. Mother is availing the benefit under neither section 24(b) nor 80C.
Hence as mother is not availing the benefit of it hence if son wants then he is eligible to avail the full benefit of tax or not?
09 January 2015
Though mother is eligible for claiming both deductions in her ratio i.e. 75% if she is not availing the said benefit son can claim full benefit if he is paying the entire home loan installment. He may enter into agreement with his mother in this regard for documentary evidence.
09 January 2015
no, the son can avail in the ratio of 1/3 only as bal is paid by the mother.
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- STCG on ETF gold & silver
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Loan by Partnership Firm
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
