Regarding deduction u/s 24 of income tax act
This query is : Resolved
13 November 2017
Dear All
I have a query that in case house loan is taken as co-borrower i.e mother and son but ownership is in the name of mother only then can son claim deduction of interest and principal (as whole EMI paid by son --- mother has no income source)
Please advice
if there is any case law suggest for the same.
Regards
Sunil Sharma
I have a query that in case house loan is taken as co-borrower i.e mother and son but ownership is in the name of mother only then can son claim deduction of interest and principal (as whole EMI paid by son --- mother has no income source)
Please advice
if there is any case law suggest for the same.
Regards
Sunil Sharma
13 November 2017
Yes. Son can claim the benefit of interest paid on housing loan. Since mother doesn't have any income and is not contributing towards repayment of loan, son can easily take the full benefit.
14 November 2017
Son is not the owner of property, hence interest can't be claimed . Inference -
section 24(b) of IT Act,1961.
section 24(b) of IT Act,1961.
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
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- EXPORT COMMERCIAL INVOICE HSN CODE
- TDS AND ITR ISSUE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Journal entry of busniess expenses
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
