I want to purchase a house & get home loan against this. But I want to register this house in the name of my father. He is not income tax payer. Should I take the benefit of principal amount us 80 C & interest paid under house property in my return.
I want to purchase a house & get home loan against this. But I want to register this house in the name of my father. He is not income tax payer. Should I take the benefit of principal amount us 80 C & interest paid under house property in my return.
Dear Ajay,
No, it can't be allowed simply because, Clubbing provisions does not apply in case of Gifts to Father.
Had it been the case of Spouse instead of Father, then it would have allowed by reason of clubbing provisions.
Why don't u go for "Joint ownership" then it will be allowed
Dear Ajay
You cannot get deduction on the loan u/s 80 c if the house is in name of your father.
I can suggest you the altenative solution to register the house in name of you Wife or any female to get susidy in stamp duty.
Or you can register the house jointly with any other person so that you claim deductuion of loan repayment.
Mr.Ajay
please don't go for registration in the name of father...
just register in the name of you and your father....joint ownership as mentioned by Mr.Amir brother....
joint ownership is the best option
Its better to go for Joint Ownership Mr. Ajay
TK
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