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?
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
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.
CAclubindia
