Deduction on housing loan
Satish Chundi (Student) (38 Points)
20 August 2016
Can deduction for housing loan be claimed by father when the loan is on son's name.
9 Replies
Irfan Khan
(CA )
(508 Points)
Replied 20 August 2016
It's possible only if the loan is taken jointly.
ACA Anurag
(Enjoy the little things)
(14706 Points)
Replied 20 August 2016
Dear satish,
I have already answered it .
No he cannot claim the interest deduction unless and until its co-loaner .
Originally posted by : Satish Chundi
Can deduction for housing loan be claimed by father when the loan is on son's name.
Unnikrishnan B
(Forex In Charge)
(740 Points)
Replied 21 August 2016
Here the income tax allows interest deduction when applicant or co applicant is property owner . if joint co obligant is not property owner then also co obligant cannot claim interest deduction .
This is my opinion
CA HITENDRA PANCHAL
(ACCOUNT EXECUTIVE)
(23 Points)
Replied 22 August 2016
Yes , If Loan is paid from the father's source of Income
FCA surbhi jain
(FCA)
(997 Points)
Replied 22 August 2016
It is only possible if father is co-loaner
Or
If loan is repaid from father's income.
FCA surbhi jain
(FCA)
(997 Points)
Replied 22 August 2016
It is only possible if father is co-loaner
Or
If loan is repaid from father's income.
FCA surbhi jain
(FCA)
(997 Points)
Replied 22 August 2016
It is only possible if father is co-loaner
Or
If loan is repaid from father's income.
CA.Vinita Gupta
(Deputy Manager- Finance)
(2923 Points)
Replied 22 August 2016
Deduction cannot be claimed by father if the son takes the loan
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