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Deduction under 80C for home loans.
Suppose 'A' is the father and 'B' is the son. Property is in the name of A only. B is not the joint owner of the property. B takes the home loan by mortgaging the property of A since A is the father of B. A becomes co- borrower of the loan as property is in his name. since loan is the name of B, he can claim the deduction of principal under section 80c and of interest under section 24. Can A also claim the said deductiona keeping in mind the absolute owner of property and coborrower of loan? Please answer by keeping in mind that A is not the joint owner of property.
Replies (3)
Only the owner of the home for which home loan is availed can claim tax benefits. Since father is owner of the mortgaged property he is not liable to avail the benefit.
But since the loan principal and interest is paid by the son and not father but mortgaged property is in the name of father. Can still father and son both claim the deduction. If no, what is the solution that both the father and son can get deductions.
If father is a co owner of the under construction property then both father and son can claim tax benefits. Father cannot claim the benefit because the mortgaged property is in his name.
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