80C deduction on housing loan

You must own the house to avail deduction of house loan repayment U/s. 80C. So if house is in your mother's name than you are not eligible for deduction U/s. 80C.

And if you and your mother jointly own the house than you can claim deduction U/s. 80C on pro rata basis even if you pay whole loan amount.

If the loan is taken on your own name only than the deduction u/s shall be permissable even the loan is taken on jointly

deduction is not allowed if house is not registered with your name

If the property is not in your name then you will not be eligible to claim deduction for the repayment of housing loan. 

But if you and your mother are coowner of the property then you will be allowed to claim deduction on proportion basis for the payment made by you.

For e.g - if you and your mother are 50%-50% owner of the porperty and the principal amount of housing loan repaid is 1 lac for the year. you made contribution of Rs. 60000 and your mother made contribution of Rs. 40000

In this case eligible deduction-

You - Rs. 50000 (50% of 1 Lac -not 60000)

Your mohther - Rs. 40000

i too agree with robin

Deduction will be available to you on loan repaid in proportion to the property held by you.

Originally posted by : Robin Kumar Gupta
	If the property is not in your name then you will not be eligible to claim deduction for the repayment of housing loan.  But if you and your mother are coowner of the property then you will be allowed to claim deduction on proportion basis for the payment made by you. For e.g - if you and your mother are 50%-50% owner of the porperty and the principal amount of housing loan repaid is 1 lac for the year. you made contribution of Rs. 60000 and your mother made contribution of Rs. 40000 In this case eligible deduction- You - Rs. 50000 (50% of 1 Lac -not 60000) Your mohther - Rs. 40000

Right

 yup well explained Robin sir

 agree with above

Yes it will be available. if u have obtatin right to construct. sub. to loan is to be repaid by you and assests ( like const. of first floor) is to be shown in your assest side.

thanks all

agree with Robin Sir

Property must b in ur name,only then u will get deduction.....

gud explanation Robin...