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Regarding deduction u/s 24 of income tax act

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(Querist)
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
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ND

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ND (Expert)
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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
14 November 2017 Son is not the owner of property, hence interest can't be claimed . Inference -
section 24(b) of IT Act,1961.
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