Loss on house property

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Anantharaman Narayanan (Querist)
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02 December 2011 Am residing in bangalore and my permanent address is in chennai. This property in chennai is my dad's, retired goverment servant, and 30 years old. so we are planning to demolish and construct a new house. For this am taking a home loan jointly with my father. Can i claim this home loan as a self occupied property? Pls clarify.
Regards
Ananth

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 December 2011 If you have ownership in the property you can claim self occupation status for Income tax purposes.

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Anantharaman Narayanan

Anantharaman Narayanan (Querist)
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02 December 2011 Thanks for the reply. Need some more clarity. I will have ownership through succession only, as land document is in the name of my father. For claiming IT rebate, I need to furnish interest certificate and possession letter right. Since the loan is taken Jointly, both our names will be stated in the above documents. My dad will provide a declaration saying that he'll not claim any benefit for the same. As such can't I claim the rebate with self occupation status?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 December 2011 Land is in your father's name. Probably the house to be built is also in your fathers name. It means at present you are not the owner. You can't claim self occupation.

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