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Deduction of interest on loan for repair of own house

Tax queries 801 views 9 replies

Hi All,

One of my friends is living with his father in Bangalore.  The house is owned by his father.  He wants do some repairs for that house & he is getting a loan for the same.

Let me know if he can claim the interest portion as a deduction under Sec 24 of Income Tax act.

He is working in a MNC with only Salary Income.

Regards,

Gopal B.R.

Replies (9)

yes, he can claim  deduction (  interest )u/s. 24

Sure . He is allowed. U/s 24 it act
Yes duduction us 24(b) will be allowed max upto Rs. 30000 :-) whether house is owned in the name of borrower or not.

U/s 24 not exceeding Rs. 30,000/-

I have a doubt doesn't provisions of income under hp say assessee must be the owner of house property in the p.y. Whether or not he's owner of the land on which the house is..?!..
Yes sec. 22 which is charging section of HP head provides that the assessee must be the owner of the hp for taxing income from building or land appurtenent thereto. If assessee is not the owner of land but the owner of building say owner of flat then income from letting out of such flat shall also be taxable under hp head even if he is not the owner of land . HP means a structure which have atleast one roof ,walls and ground.

Yes he can claim the deduction of upto a maximum of Rs.30,000/

yes. only owner of the property can claim deduction u/s.24(b)

Dear all

  I think  No Claim u/s 24b. Becuse Owener of Property have his father not his son. fist of all how can loan section of bank name his son. Loan section have with name of his father only claim Interest on laon his father. his Son. 

U/s 24b say that Interest on laon for repair & construction can claim only who have Owener of property .  Please confirm how can claim his son u/s 24. only claim his father. 

Thanks

Ramanuj

 


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