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Confusion of home loan deduction
My mother has brought a house in July 2011 worth 42 lacs, she derives income of rent from 1 floor and stays in ground floor. the property is registered in her name only.
The home loan is taken in my brother and mother joint name and my by brother alone pays all the emi.
Will he be eligible for Sec 24 a and b deduction, also 80 c deduction.
Please reply soon as i he has to report the same in his company.
Replies (1)
As per the provison of Sec22 of the I-T act, only the person who is the owner of the house property, is eligible to claim the interest & principal on account of home loan. But as your brother is paying the emi he wud not be eligible to claim the interest & principal as he is not the co-owner of the house property but only an co-applicant.
Your mothers rental income wud be taxable as income from house property. however she wud be eligible to calim the minucipal taxes paid & on the net amount she wud be eligible to claim std ded of 305. Blance amount wud be taxable if it exceeds the basic exemption limit
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