Treatment of housing loan

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2018 Sir/madam
If an assessee had taken housing loan and her daughter earning professional income(Interior decorator) helps an assessee to pay the home loan, kindly let me know the tax treatment and benefits in the hands of both assessee and her daughter.
Thank you

Expert : Anonymous

Expert : Anonymous (Expert)

21 February 2018 No... Only avail the benefit by the House Owner...

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2018 Ya but what about the amount received from daughter will it be treated as relative party transaction or gift which is exempt from tax

RAJA P M

RAJA P M (Expert)

21 February 2018 Both way will be treated based on Assessee and his Daughter's willing... If they will treat as Gift then we can treat gift. If not in case refundable then will be treat as Refundable Loan...

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

21 February 2018 1.If assessee is the owner of the house, she will get deduction u/s 24(b) for interest payable.

2. Daughter will not get any relief / deduction as per Income tax Act,1961.

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