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.
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