Hi to all,
This is my friend query
“My mother got a plot of land as a gift from her brother.
I and my mother had, in our joint names, applied for a loan. The loan has been sanctioned in our joint names. My mother has no source of income of her own.
I pay the EMI of the loan out of my income. I and my mother live in this house.
Can I claim the deduction under Section 24 in respect of the interest and the deduction under Section 80C in respect of the principal repayment?”
Thanks in advance
Dear Vasanth,
Yes, Sec 24 & 80C will be allowed to your friend.
Dear sir,
The law recognises dual ownership in respect of immovable property.
i.e. the ownership of land by one person and that of building by another.
In your case, if you are to be the owner of the house, which has been constructed, though your mother may be the owner of the land,
the benefit under Section 24, in respect of the interest on loan
and also the deduction under Section 80C on the principal repayment will be available to you.
Regards
K.Ilayaraja.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
PARV & Co.
New Delhi
CA Inter
View Details
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
