Dear Experts,
I have a client who is the co applicant of the housing loan along with his brother and father. The house property is in the name of his father only and he is retired and getting pension below Basic exemption limit.The banker is deducting EMI only from my client. Can he claim the deduction under 80C for the EMI deducted from His Bank Account eventhough he is not the owner of the property?
Thanks in Advance
yes,
he can claim deduction of half amount of under section 80c.but cant claim full deduction because co- applicant . but if the name of applicant in housing loan in first, then he can claim full amount of deduction
"The house property is in the name of his father only"
"Can he claim the deduction under 80C for the EMI deducted from His Bank Account eventhough he is not the owner of the property?"
No
Dear Sir,
Then for claiming the deduction what are the steps to be taken
That means can he claim deduction if he becomes co-owner of the property
"That means can he claim deduction if he becomes co-owner of the property "
Yes, that is the precondition: Co-owner & Co-borrower, can claim the house loan deduction upto the extent of his EMI payment, subject to limit u/s. 24(b).
CAclubindia
