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Loan principal repayment

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(Querist)
05 March 2015 My home loan is on my father's name but i want to take deduction of loan principal repayment on my mother's income tax return . .Is there is any way to take this deduction in mother's name
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CA. Shashi Kumar Gupta

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CA. Shashi Kumar Gupta (Expert)
06 March 2015 No, you can not take deduction in your mother's ITR. Even in case of joint ownership of property, only a borrower who repays the principal and interest can claim deductions.
In case of joint borrower, it is advisable to repay the loan amount through a Joint account.
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