Ownership of house

Save Share

This query is : Resolved

Samir (Querist)

24 October 2007 Hi,

I have purchase a house, wherein the first name is of my mother and second name is of mine. All the money has been paid from my mothers account. In this case I would like to know, would I be considered as the co owner?

S.RAVICHANDRAN

S.RAVICHANDRAN (Expert)

25 October 2007 Yes. Either the first or second name should be that of the co-owner.

kumar arumugam

kumar arumugam (Expert)

01 November 2007 you are a co-owner of the property.

Samir

Samir (Querist)

10 January 2008 IN THE ABOCE CASE I WOULD LIKE TO KNOW IF THE HOUSING LOAN IS CONCERNED CAN I CLIAM THE ENTIRE INTEREST ON HOUSING LOAN FROM MY INCOME AS THE SAME IS PAID FROM MY ACCOUNT

kartik_somu

kartik_somu (Expert)

19 March 2008 Deduction of interest on Housing loan is based on accrual basis.
Whether u have paid it or not is irrelevant.
As per the agreement what is your share.
To that extent you will be eligible for interest on housing loan and calim deduction.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now